Estonian ride-hailing startup Bolt announced on Monday it had closed a fresh €600m (£512m) funding round, increasing its valuation to more than €4bn (£3.4bn).
The latest funds raised from investors will be funnelled into its new 15-minute grocery delivery service, Bolt Market, as the startup seeks to capitalise on the fast-growing market.
Bolt said it would be launching the new service in ten European countries over the coming months, including Sweden, Portugal, Croatia and Romania.
The app’s latest funding round was powered by new investors Sequoia, Tekne and Ghisallo, as well as existing investors G Squared, D1 Capital and Naya who all increased their holdings.
It follows the startup’s last funding round of 150m in December 2020, and doubles its last private valuation of $2bn.
Bolt said its expansion from existing ride hailing, car sharing, e-scooter and food delivery services makes it Europe’s first “super-app”.
The fiercely competitive on-demand grocery delivery market has been the receptor of billions in venture capital since pandemic-induced lockdowns hit Europe. Turkey’s Getir tripled its valuation to $7.5bn in June after raising $550m, valuing it ahead of Deliveroo and Grubhub.
“After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves,” said Bolt CEO Markus Villig.
“I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”