Estonian start-up Bolt has doubled its valuation in a recent funding round

Estonian start-up Bolt has more than doubled its valuation to €4.75 billion in a recent funding round, raising €600 million for the development of on-demand quick grocery delivery.

Bolt’s services now include ride hailing, car sharing, electric scooters and food delivery with the company saying its expanding range of consumer and transport services qualifies it as Europe’s first ‘super-app’. It will launch its 15-minute grocery delivery product, Bolt Market, in 10 European countries over the coming months.

Jevgeni Kabanov, chief of product development at Bolt, told ERR in early July that Bolt Market compares to a small supermarket, the goods selection of which covers 1,000-2,000 items.

“Orders are assembled in a matter of minutes. It is a lovely service for people who want to make porridge at home but discover they have run out of milk. It’s a way of getting the milk you need in 10-15 minutes, and perhaps a few more items your fridge is missing. It is not a place for a family’s weekly shopping but rather the rebirth of the corner grocery store – convenience and speed is what is added by the delivery service,” Kabanov said.

Bolt raised funds from new investors Sequoia, Tekne and Ghisallo, as well as existing backers G Squared, G1 Capital and Naya. The company will continue to develop its taxi platform, food delivery and scooter rental services in new markets.

 

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