Return to search

Bolt grabs $2.5 mln seed

San Francisco-based Bolt, an electric bike delivery company, has raised $2.5 million in seed funding. Maniv Mobility led the round with participation from other investors that included Contrarian Ventures.

PRESS RELEASE

SAN FRANCISCO, 18 NOVEMBER 2019: Mobility startup, Bolt has launched in America with the world’s first platform to offer an accessible Light Electric Vehicle solution for delivery couriers and businesses.

Couriers using Bolt’s Light Electric Vehicles have up to 30 percent more earning potential, enabling them to make more deliveries per shift, with Bolt’s servicing network keeping them on the road for longer.

The launch follows a USD$2.5 million seed funding round led by global mobility Venture Capital (VC) firm, Maniv Mobility, along with European e-mobility VC, Contrarian Ventures, individual VCs and former executives of Uber and Deliveroo.

Co-founded in 2017 by Mina Nada, former executive at Deliveroo (Europe’s largest food delivery company) and Mobike (China’s largest dockless bike share company) and former Bain & Co consultant, Michael Johnson, the Sydney-based start-up has launched in San Francisco and London, with key food delivery partners in each location.

By 2020, Bolt aims to increase its fleet to ten times its current size. With a team of 20, it plans to expand across more cities in the US, UK and Australia.
Mina Nada, CEO and Co-founder, Bolt said:

“Being in the food delivery industry since its inception, we saw that Light Electric Vehicles were the real future of ‘last mile’ logistics, yet no-one was offering the right vehicle, financing or maintenance solution.

“We are proud to be serving the real needs of delivery couriers while building the logistics infrastructure of the future.”

Postmates, the app that pioneered on-demand anything in communities across the country, believes in the potential of Bolt to provide new mobility solutions for its fleet of Postmates, and has been piloting a rental program in San Francisco since June.

Claire Sands, Director of Community Communications and Engagement, Postmates said: “Bolt has the potential to provide yet another mobility solution for our Postmates to navigate dense urban areas and quickly deliver goods from pick up to drop off, helping to boost efficiency, power additional earnings for the fleet, and create more sales for local businesses.”

Today, Technavio forecasts the global on-demand food delivery market will grow by 32 percent annually through to 2021 to become a $57.59 billion industry. The booming delivery sector demands an efficient mobility service, like Bolt, with a low carbon footprint to reduce urban pollution and congestion on the roads.

BOLT
E-BIKE BENEFITS
RENT: $39/week (week to week contract).
No risk trial – First week is free
Week-to-week contract, meaning no monthly or annual subscription.
High battery capacity, fast charge time, high-security lock, rear rack for deliveries and front and rear integrated lights for safety.
Full maintenance and customer support across both rental and outright purchase options.

For further information, visit www.getboltbikes.com

ABOUT BOLT
Founded in 2017 by Mina Nada (former Deliveroo and Mobike Executive) and Michael Johnson (former Bain & Co executive), Bolt Bikes is the world’s first platform offering logistics players Light Electric Vehicles as a Service. Bolt provides vehicles on flexible subscriptions which include vehicle servicing. Currently operating in Sydney, San Francisco, London and Melbourne, Bolt is an accessible, sustainable and efficient solution for the booming delivery sector, offering unrivalled features and services, including full maintenance and ongoing customer support.

For further information, visit www.getboltbikes.com

ABOUT POSTMATES
Postmates enables you to get anything you want on-demand. Launched in 2011, Postmates led the creation of on-demand delivery in the U.S and has grown to be the #1 platform in Los Angeles, amongst other markets and has the most merchant selection in the country, including hundreds of exclusive LA merchants such as Sugarfish, Salt + Straw, Trejos Tacos and The Coffee Bean and Tea Leaf. The company now operates in more than 3,500 cities across the U.S. and Mexico, provides access to over 500,000 merchants and has recently launched innovative new products including Postmates Party. Postmates is headquartered in San Francisco and has more than 1,000 employees. Learn more: www.postmates.com.