Canada-based logistics services provider Bolt Logistics secured C$115m ($92.5m) on Monday in a series B round featuring Ingka Investments, the investment arm of home retailer Ikea’s parent company, Ingka Holding.
Investment firm Yaletown Partners led the round, which included Intact Ventures, the venture capital arm of insurance firm Intact Financial, as well as financial services firm Bank of Montreal, Northleaf Capital Partners, Kensington Capital, Whitecap Venture Partners, MIG and private investor Michael Hyatt.
Founded in 2017 as a self-storage service called Second Closet, Bolt Logistics now provides last-mile delivery services for businesses of all sizes as well as warehousing, fulfillment and pick-and-pack. The round brings its total funding to over $120m.
The company will use the proceeds to strengthen its position its current markets, identify new partnership opportunities and grow its workforce to about 1,000 by the end of 2021.
Whitecap Venture Partners had led a $15.8m round for the company in March this year, with participation from Intact Ventures, MIG, Cowie Capital Partners and Michael Hyatt. The same investors bar Intact had joined Dream Maker Ventures in a $13.2m series A round in December 2019.
MIG had already led a $2m round for Bolt in 2018 that included private investors Mike Cowie and Naresh Bangia. They had both participated in a $500,000 seed round co-led by Michael Hyatt and his brother Richard the previous year.
Mark Ang, Bolt Logistics’ chief executive, said: “Meeting customers where they need us most has been a relentless focus of the team since inception. While our business has undergone significant change in the past year, it is clear that our focus on e-commerce fulfilment and last-mile logistics is exactly what the market needs.”
