Bolt has received a Ksh 5.6 Billion venture debt facility from The European Investment Bank (EIB) to support its research and development strategies.
The funds will go into improving safety, reliability and sustainability of Bolts’ services while maintaining the high efficiency of its operations.
This includes investments in existing services like ride-hailing as well as personalised mobility services like food delivery.
“Mobility is one of the areas we will continue to grow and innovate for the benefit of our customers. We will invest in improving and expanding our ride-hailing technology as well as personalised mobility services like food delivery. We are thrilled to have the European Investment Bank join the ranks of our backers as this enables us to move faster towards serving many more people in Europe and across the world, said Martin Villig, Bolt’s co-founder.
Bolt’s research and development strategies are focused on creating innovative and safe services.
This will enhance urban mobility and provide viable economic opportunities across the world.
“Bolt is a good example of excellence in tech and innovation. As you say, to stand still is to go backwards, and Bolt is never standing still. In other words, we’re fully on board,” commented Alexander Stubb, The EIB’s Vice President.
The company pioneered safety initiatives in the industry, providing features such as the SOS button which links drivers on Bolt trips with medical and/or security emergency response team(s) at the tap of a button.
In addition, the “Share your ETA” feature allows consumers to share their live trip details with loved ones.
Understanding The European Investment Bank (EIB)
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States.
It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Over the last 5 years, the EIB made available nearly EUR 830 million to Estonian projects.