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Bolt raises €220M ahead of public listing

Estonian mobility unicorn Bolt is preparing for an IPO, raising additional €220M of funding. The company, currently operating in over 45 countries, has its eyes on a much bigger expansion.

Estonian unicorn Bolt is back on the fundraising scene ahead of its planned initial public offering (IPO), reports Bloomberg. The company has secured a €220M ($235M) credit facility that will help it prepare for the listing and strengthen its position on the mobility market. Citigroup Inc. led the latest financing along with other lenders.

Markus Villig, CEO and co-founder, said the financing “provides us with additional flexibility as we work towards being IPO-ready.” This is not the first move towards a lofty goal. In July 2023, Bolt hired a new chief financial officer from UK fintech Revolut Ltd. and announced its intention to achieve profitability within a year.

Currently, the company operated in over 45 markets across Europe and Africa, offering ride-hailing, food deliver and scooter rentals. The business has grown rapidly — according to Villig, more than 1% of all card payments in Europe are now done with Bolt.

In 2022, Bolt secured a €7.4 billion valuation by raising €628 million from investors including Sequoia Capital and Fidelity Management. The startup received an additional €126 million in funding last year to expand its rental car fleet. Bolt reported net losses of €72 million on €1.26 billion in revenue in 2022, according to its latest corporate filing.

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