European Investment Bank supports development of food delivery infrastructure
The European Investment Bank (EIB) has signed a €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 personalised mobility services like food delivery.
Paolo Gentiloni, European Commissioner for the Economy, said: “Estonia is as 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.”
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 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!”
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.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Over the last 5 years, the EIB made available nearly €830 million to Estonian projects in – among others – the tech, infrastructure and transport sectors.
Bolt is the leading European transportation platform that’s focused on making urban travel easier, quicker and more reliable. The company’s services range from ride-hailing to micromobility and food delivery. Founded by Markus Villig, Bolt launched in 2013 and currently has 30 million users in 35 countries globally.
The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB to invest in more, often riskier projects. The projects and agreements approved for financing under EFSI are expected to mobilise more than €458.8bn in investment, supporting over 1 million start-ups and SMEs across the 28 EU Member States.