Bolt gets Sh5.6billion for research in expansion plan.January 17, 2020
NAIROBI, Kenya, Jan 17 – Bolt has received a Sh5.6 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 personalized 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 strategy is focused in creating innovative and safe services that will enhance urban mobility and provide viable economic opportunities across the world.
“The Bank is very happy to support the company in improving its services, as well as allowing it to branch out into new service fields. In other words, we’re fully on board,” commented Alexander Stubb, 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 security emergency response teams at the tap of a button.
In addition, the “Share your ETA” feature allows consumers to share their live trip details with loved ones.