Estonian startup Bolt said on Monday it had raised 600 million euros ($714 million) from investors and would plough the proceeds into quick grocery delivery, upping the ante in a fast-growing but fiercely competitive market.

With the bumper round, which valued Bolt at more than 4 billion euros, the Talinn-based company has gained more firepower than even well-backed European rivals including Getir, Gorillas and Jokr.

Bolt, which already offers ride hailing, car sharing, electric scooters and food delivery, says its expanding range of consumer and transport services qualifies it as Europe’s first ‘super-app’.

It will launch its 15-minute grocery delivery product, Bolt Market, in 10 European countries over the coming months.

Bolt raised funds from new investors Sequoia, Tekne and Ghisallo, as well as existing backers G Squared, D1 Capital and Naya. The company last raised 150 million from investors in December 2020

 Source: Reuters

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