Cobalt has advised the European Investment Bank on a EUR 50 million venture debt facility to Bolt, the Estonian developer of a ride-hailing app. The borrowers were advised by Sorainen on the financing, which is supported by the European Fund for Strategic Investments.
According to Sorainen, "Bolt operates one of the fastest-growing transportation platforms in Europe and Africa. With a presence in over 35 countries and in more than 150 cities, Bolt currently has the second-largest footprint of any ride-hailing company on the planet." The company plans to invest the funding into improving and expanding its ride-hailing technology and personalized mobility services, like food delivery.
The EIB's loan was supported by the European Fund for Strategic Investments. According to Cobalt, “the loan given to Bolt is the largest loan given to an Estonian company through EFSI. 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.”
“Bolt is a good example of European excellence in tech and innovation," commented EIB Vice President Alexander Stubb. "To stand still is to go backwards, 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!”
“Mobility is one of the areas where Europe will really benefit from a local champion who shares the values of European consumers and regulators," said Bolt's co-founder Martin Villig. "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.”
Cobalt's team included Partners Kristel Raidla-Talur and Marina Kotkas and Senior Associate Greete-Kristiine Kuru.
Sorainen's team included Partner Toomas Prangli, Senior Associates Monika Tomberg and Kai Vainola, and Associate Mirell Prosa.