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    Riiid Labs appoints Marten Roorda, former CEO of testing organization ACT as Executive in Residence

    Riiid Labs appoints Marten Roorda, former CEO of testing organization ACT as Executive in Residence

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    Blockchain-based e-contract startup FirmaChain announces partnership with ‘DTT Alliance’

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    Looxid Labs to Unveil Cognitive Care Solution ‘LUCY’ at Facebook Accelerator Seoul Demo Day

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    Edtech startup Probo launches Probo Connect robotics curriculum in China and South East Asia

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      Riiid Labs appoints Marten Roorda, former CEO of testing organization ACT as Executive in Residence

      Riiid Labs appoints Marten Roorda, former CEO of testing organization ACT as Executive in Residence

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      Blockchain-based e-contract startup FirmaChain announces partnership with ‘DTT Alliance’

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      Looxid Labs to Unveil Cognitive Care Solution ‘LUCY’ at Facebook Accelerator Seoul Demo Day

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      Edtech startup Probo launches Probo Connect robotics curriculum in China and South East Asia

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      Home topics Cars / autonomous vehicles

      Electric Bike Delivery Startup Bolt Raises $2.5m

       392 total views,  1 views today

      USTechTimes Editor by USTechTimes Editor
      November 19, 2019
      Bolt Bikes
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      Bolt, a San Francisco-based electric bike delivery company, announced that it has raised US$2.5 million in its seed funding round led by Maniv Mobility, a venture capital firm investing in automotive and mobility tech startups.

      The funding round for Bolt was also participated by European e-mobility venture capital firm Contrarian Ventures, individual VCs, and former executives of Deliveroo and Uber.

      Bolt was co-founded in 2018 by Mina Nada, former Deliveroo and Mobike executive, and Michael Johnson, former Bain & Co consultant. The startup was launched in Sydney but has moved its headquarters to San Francisco.

      The startup claims to be the world’s first platform offering logistics players Light Electric Vehicles as a Service. It provides vehicles on flexible subscriptions, including vehicle servicing.

      Following the US$2.5-million seed funding round, Bolt launched in the US the world’s first platform to offer an accessible Light Electric Vehicle solution for deliver couriers and businesses.

      “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,” Nada, who is CEO and co-founder of Bolt, said.

      The company said couriers using its Light Electric Vehicles have up to 30 per cent more earning potential, enabling them to make more deliveries per shift, with Bolt’s servicing networking keeping them on the road for longer.

      The company seeks to increase its fleet to ten times its current size by 2020 and expand further into more cities in the US, UK, and Australia. Bolt currently operates in Sydney, San Francisco, London, and Melbourne.

      The funding comes at a time when the global on-demand food delivery market is forecast to grow by 32 per cent annually through 2021 to become a US$57.59-billion industry, according to a Technavio report.

      Maniv Mobility, the lead investor in the seed funding round, is venture capital firm investing in early-stage automotive and mobility technology startups. The firm is based in Tel Aviv, Israel.

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      USTechTimes Editor

      USTechTimes Editor

      USTechTimes.com is an independent new media site that focuses on the latest technology and digital news in the United States and around the world. The site focuses on new startup launching, startup funding, and development in the startup space.

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