Bolt, the Estonian transportation network company, recently announced that it has secured $20 million in funding from International Finance Corporation (IFC), the private sector arm of the World Bank Group. The investment will be used to atozmp3 expand its ride-hailing services across emerging markets in Africa and Eastern Europe.
This funding round comes on the heels of Bolt’s recent success in raising $109 million in 2020, which brought its valuation to over $1 billion. Bolt is one of the fastest-growing ride-hailing companies in the world, with operations in more than 40 countries and over 50 million users globally.
The latest funding will be used to grow its services in Nigeria, Ghana, and South Africa, where it has already gained a significant foothold. Bolt will also expand its presence in Eastern Europe, where it already operates in toonily countries such as Ukraine, Romania, and Hungary.
According to Markus Villig, the CEO and founder of Bolt, the company’s mission is to make transportation more affordable and accessible to everyone, especially in underserved areas. He believes that the latest funding round from IFC will help the company achieve this goal.
“We are delighted to have IFC onboard as a strategic partner in our mission to make urban transportation more affordable and accessible. Together, we will expand access to affordable mobility services in markets that need them most,” Villig said in a statement.
IFC’s investment in Bolt is part of its efforts to masstamilanfree support the development of the private sector in emerging markets. Since its inception, IFC has invested over $15 billion in the transportation sector globally, with a focus on creating jobs, improving infrastructure, and promoting sustainable economic growth.
“We believe Bolt is playing a transformative role in improving access to transportation and creating new economic opportunities in emerging markets,” said Stephanie von Friedeburg, IFC’s interim managing director and executive vice president.
Bolt was founded in 2013 by Villig when he was just 19 years old. Since then, it has grown rapidly, challenging established players in the ride-hailing market such as Uber and Lyft. Bolt is known for its affordable prices, user-friendly app, and focus on safety, with measures such as face recognition for drivers and masstamilan passengers, real-time tracking, and emergency buttons.
With the latest funding round from IFC, Bolt is well-positioned to further expand its reach in emerging markets and become a leading player in the global transportation industry. Its commitment to affordable, safe, and accessible transportation has made it a favorite among users, and its innovative approach to the market has helped it gain traction even in competitive markets.
As Bolt continues to grow, it will be justprintcard interesting to see how it navigates the challenges of operating in emerging markets, where regulations, infrastructure, and other factors can pose unique obstacles. However, with its strong leadership and proven track record, Bolt appears poised for continued success in the years to come.