COBALT advised the European Investment Bank (EIB) on making available EUR 50 million venture debt facility to the Estonian developer of ride-hailing app Bolt. The financing is supported by the European Fund for Strategic Investments (EFSI), which is the central pillar of the Investment Plan for Europe. The loan given to Bolt is the largest loan given to an Estonian company through EFSI. The goal of the funding is to support Bolt’s product development and research in areas where the use of technology can improve the safety, reliability and sustainability of its services.
Bolt is the leading European transportation platform, focused on making urban travel easier, quicker and more reliable. The company’s services range from ride-hailing to micromobility and food delivery. The company, founded in 2013, has currently 30 million users in 35 countries globally.
The European Investment Bank (EIB) is the European Union’s non-profit long-term lending institution established in 1958. It is a publicly owned international financial institution, and its shareholders are the EU member states.
The European Fund for Strategic Investments (EFSI) is the core of the investment plan for Europe, aimed at boosting long-term economic growth and competitiveness in the European Union.
The press release can be found here.