Bolt Secures €220 Million in New Funding

Image Credit: Bolt

Bolt, an Estonian mobility startup operating in Ireland, has secured a €220 million revolving credit facility to strengthen its financial position in preparation for an upcoming initial public offering (IPO).

Bolt announced that the facility, provided by a consortium of key relationship banks, will enhance its robust cash reserves and fortify its liquidity profile. A revolving credit facility allows a company to draw from and repay a flexible line of credit as needed, much like a credit card, facilitating swift financial transactions.

Markus Villig, CEO and founder of Bolt, noted that this is the first time the Tallinn-based company has obtained such a facility, marking a significant milestone that underscores its financial robustness and maturity.

“We have secured highly attractive terms due to our solid financial standing. It is a clear reflection of our banking partners’ confidence in our trajectory and provides us with additional flexibility as we work towards being IPO-ready,” he said. “This is a great symbol of trust in Bolt during these turbulent times.”

The facility, still undrawn, is intended for general corporate purposes, reflecting Bolt's cautious financial strategy.

The funding is backed by eight lenders: Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JP Morgan, LHV Pank, and Luminor, with Citi serving as the sole coordinating bookrunner and mandated lead arranger.

Founded in 2013 and now serving over 150 million customers worldwide, Bolt continues to expand its offerings in Ireland. Recent initiatives include the introduction of 60 new e-bikes in Sligo and Kilkenny last year and plans announced the previous year to invest up to €5 million in e-bike rental expansions across the region. Additionally, Bolt is set to significantly enlarge its Dublin headquarters, creating up to 50 new jobs.