Bolt, the delivery and mobility firm, has raised a $711 million (€628m) investment led by Sequoia and Fidelity Management. The new round increased Bolt’s valuation to $8.4 billion (€7.4 billion). This round of funding is the biggest in Bolt’s history.

This funding round will help Bolt accelerate its mission to help cities transform urban areas into sustainable, people-friendly spaces and further help people move around safely, affordably, and conveniently.

The investment will also be used to expand and further improve its full suite of mobility and delivery products, which are currently used by more than 100 million customers in 45 countries and over 400 cities across Europe and Africa.

Markus Villig, founder and CEO, Bolt said: “For decades, cities have been built for private cars, rather than the people living and working in them. At Bolt, we think this approach is outdated, which is why our mission is to create cities for people, not cars.

“We’ve developed products that offer better and more affordable alternatives for almost every purpose a private car serves. We’re committed to working with cities to help people make the switch towards shared mobility options like ride-hailing and light vehicles to transform urban areas into sustainable, people-friendly spaces.”

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