Hyperdrive
Bolt Raises Funds to Help Grab Ridership as Uber Cuts Back
- Estonian company raises 100 million euros from Naya Capital
- Bolt has sped up new services to deal with hit from pandemic
Photographer: Patrick T. Fallon/Bloomberg
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Bolt Technology OU closed a new funding round, boosting the Estonian ride-hailing company’s valuation by more than half, to help finance its growth and take advantage of recovering demand for transportation.
The Tallinn-based company formerly known as Taxify, a rival to Uber Technologies Inc., received 100 million euros ($110 million) from Naya Capital Management, bringing total funds raised by Bolt to more than 300 million euros, it said on Tuesday. The investment valued the company at 1.7 billion euros, compared with $1 billion in its last funding round.