Bolt founder and CEO Markus Villig said the investments will allow the company to continue fulfilling its mission of decreasing the need for parking spaces, having less congestions and lower emissions. "For the past eight years, we have consistently striven to prove the point that owning a personal car is no longer a necessity," Villig said.

"We have developed products that offer better and more affordable alternatives for almost every purpose a private car serves," the Bolt founder added. "We are partnering with cities to help people make the switch towards light vehicles such as scooters and e-bikes and shared mobility options like ride-hailing and car-sharing to transform urban areas back into sustainable, people-friendly spaces."

Bolt Market, one of the company's newest products, was developed and launched during the pandemic which currently operates dozens of stores in ten countries across Europe. With this funding, Bolt will accelerate its expansion rapidly in 2022 and also has plans to have hundreds of stores operational by the end of the year.

The investment round was led by Sequoia and Fidelity Management and increased Bolt's valuation to €7.4 billion.

In addition to ride-sharing and a food courier service, the company also offers electric scooter and car rentals.

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