Bolt sees massive uptick in scooter usage, commits €150M to micromobility

European mobility specialist Lock will invest 150 million euros during the year 2022 to develop its activities of scooters and electric bicycles.

With this investment, Bolt plans to expand its fleet to more than 230,000 e-scooters and e-bikes in more than 250 cities, up from the 170 cities in which it currently operates. The Estonia-based company says it will also use the investment to create solutions that improve user experience and security.

Bolt’s expansion is fueled by an increase in scooter rides: in March 2022, the company saw more than 500% growth in rides compared to the same period last year.

Bolt says the rise in scooter usage also shows how his app promotes greener mobility habits.

“Our mission is to help build cities for people, not cars, by providing more affordable and environmentally friendly shared mobility alternatives for all city trips,” says Dimitri Pivovarov, vice-president President of Bolt Rentals.

“Scooters and e-bikes are a perfect alternative to cars for shorter city center journeys, so it’s encouraging to see customer demand for our scooters as we continue to expand across Europe.”

Bolt, which also counts ridesharing and food delivery among its services, raised €628 million in a Series F round in January 2022, giving it a claimed valuation of €7.4 billion. . The investment follows a €600 million funding round announced in August last year.