The World Bank’s International Finance Corporation (IFC) has invested €20m ($23.8m) in Bolt, an Estonia-headquartered ride hailing service backed by peer Didi Chuxing and car manufacturer Daimler.
Founded in 2013 as Taxify, Bolt runs a mobile app that offers on-demand rides and food delivery services in addition to letting customers rent e-scooters and electric bicycles. It claims more than 50 million users across some 40 countries in Africa and Europe.
The company received $182m in a December 2020 round led by D1 Capital Partners that also featured Darsana Capital Partners, at a valuation of about $4.3bn, seven months after asset management firm Naya Capital had provided $110m.
Bolt had secured $67m in a series C round backed by Naya Capital, Activant Capital, Tribe Capital, Nordic Ninjas, Creandum, Invenfin, Superangel and G Squared in mid-2019.
Daimler supplied more than $100m for the company as a part of a $175m round in 2018 that included Didi Chuxing, Korelya Capital and Taavet Hinrikus, Didi Chuxing having already invested an undisclosed amount the year before.
Bolt had previously secured $1.7m from advertising technology provider Adcash, Rubylight and TMT Investments in 2014.