Uber-rival Bolt raises 100 million euros

Ride-hailing service Bolt said on Tuesday it has raised 100 million euros ($109 million) from London-based investment firm Naya Capital Management in a deal valuing the European rival of Uber at 1.7 billion euros.

Bolt said the funding would allow it to grab market share in a sector hurt by COVID-19, as lockdowns have kept customers indoors, and rivals Uber, Lyft and Softbank-backed Ola cut thousands of jobs.

“In the next 12-18 months we have an opportunity to win market share,” Bolt founder and Chief Executive Markus Villig told Reuters in an interview.

“Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow,” Villig said.