UBER RIVAL BOLT RAISES €220 MILLION IN CREDIT TO GEAR UP FOR IPO
(Bloomberg) -- Bolt Technology OU has secured a €220 million ($235 million) credit facility that the Estonian mobility company says will help it prepare for a public offering.
In a statement, Markus Villig, the startup’s chief executive officer, said the financing “provides us with additional flexibility as we work towards being IPO-ready.”
Bolt offers ride-hailing, food delivery and scooter rentals — categories where growth has slowed in recent years. The startup operates in more than 45 countries, primarily in Europe and Africa, and competes with Uber Technologies Inc.
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In 2022, Bolt earned a €7.4 billion valuation after raising €628 million from Sequoia Capital, Fidelity Management and other investors. Last year, the startup received €126 million to expand its rental car fleet. Bolt reported net losses of €72 million on €1.26 billion in revenue in 2022, according to its most recent corporate filing.
Last July, Bolt recruited a new chief financial officer from UK fintech Revolut Ltd., and said it planned to reach profitability over the next year.
Citigroup Inc. was the coordinated bookrunner in the latest financing, which also included several other lenders.
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2024-05-03T09:10:33Z dg43tfdfdgfd
