Estonia based ride-hailing app Bolt plans to expand to 40 South African locations during 2020.
The ride hailing company, formerly known as Taxify, said on Thursday it also plans to increase its staff complement in support of the service’s expansion strategy.
The company, which currently employs 150 people in South Africa, said this would be made possible by new funding.
The tech and transport company has signed a €50 million (R801 million) venture debt facility with the European Investment Bank (EIB).
The capital will be used to improve and expand the platform’s ride-hailing technology as well as personalised mobility services like food delivery.
It is also intended 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 while maintaining the high efficiency of the company’s operations.
Back in 2013, Bolt started business in the very small Baltic State of Estonia, with a handful of young and talented individuals, each with a dream of making urban travel easier, faster and more reliable.
Today, one of Europe’s leading unicorn companies, Bolt operates one of the fastest-growing transportation platforms in Europe and Africa. With a presence in over 35 countries and in more than 150 cities, Bolt currently has the second-largest footprint of any ride-hailing company on the planet.
It is available in 34 South African towns and cities .
Gareth Taylor, country manager for Bolt in South Africa, says that “Ride-hailing has become a significant part of transforming and building a competitive and consumer-focused transportation environment in South Africa, stimulating unprecedented innovation, growth and job creation in a new industry that is just seven years old in South Africa. This funding injection will add significant momentum to how ride-hailing enables progress.”