Estonian unicorn Bolt is preparing for an IPO, raising an additional €220M of funding. The company, currently having 150 million customers in over 45 countries across Europe and Africa, plans expansion.

Bolt, an Estonian mobility company, has resumed fundraising as it prepares for its initial public offering (IPO). According to Bloomberg, the company has secured a credit facility of €220 million to help prepare for the listing and strengthen its position in the mobility market. The latest funding round was led by Citigroup Inc., along with other lenders.

“The inaugural revolving credit facility is an important milestone for Bolt, demonstrating the company’s strength and financial maturity. We have secured highly attractive terms due to our solid financial standing,” noted Markus Villig, CEO and co-founder of Bolt. “It is a clear reflection of our banking partners’ confidence in our trajectory and provides us with additional flexibility as we work towards being IPO-ready,” he added.

In an interview given to the Estonian radio channel Vikerraadio in the “Friday´s interview” program, Markus Villig stated that the company is considering different stock exchanges, one of the possibilities being the Amsterdam Stock Exchange, where the IPO will be made.

According to Villig, Bolt’s ambition is to become one of Europe’s most prominent companies with a turnover of 150-200 billion euros. “We would like to be 100 times bigger than today, and we work for that every day,” he said in the program “Friday´s Interview”.

The company operates in over 45 markets across Europe and Africa, offering ride-hailing, food delivery, free-floating car-sharing service and scooter and e-bike rentals.

The company has previously raised €1,7 billion in funding. In 2022, Bolt secured a €7.4 billion valuation by raising €628 million from investors, including Sequoia Capital and Fidelity Management.  The startup received an additional €126 million in funding last year to expand its rental car fleet. According to its latest corporate filing, Bolt reported net losses of €72 million on €1.26 billion in revenue in 2022.

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