Estonia: EIB signs EUR 50m debt facility with ride-hailing app Bolt
The financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.EIB | Tallinn | Updated: 16-01-2020 17:20 IST | Created: 16-01-2020 17:20 IST
The European Investment Bank (EIB) has signed a EUR 50 million venture debt facility with the developer of ride-hailing app Bolt from Estonia. The financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The goal of the funding is to support Bolt's product development and research in areas where the use of technology can improve the safety, reliability, and sustainability of its services while maintaining the high efficiency of the company's operations. This includes investments in existing services like ride-hailing as well as personalized mobility services like food delivery.
The EIB's Vice President Alexander Stubb commented: "Bolt is a good example of European excellence in tech and innovation. As you say, to stand still is to go backward, and Bolt is never standing still. 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!"
Paolo Gentiloni, European Commissioner for the Economy, said: "Estonia is at the forefront of digital transformation in Europe. I am proud that Europe, through the Investment Plan, supports Estonian platform Bolt's research and development strategy to create innovative and safe services that will enhance urban mobility."
Bolt's co-founder, Martin Villig, said: "Mobility is one of the areas where Europe will really benefit from a local champion who shares the values of European consumers and regulators. Therefore, we are thrilled to have the European Investment Bank join the ranks of Bolt's backers as this enables us to move faster towards serving many more people in Europe."