Former Taxify, Bolt raises funding to push valuation above $1 billion

Former Taxify, Bolt has just disclosed a new round of funding to bolster its competitive pressure across Europe and emerging markets.

Recently rebranded to Bolt, the ride-hailing startup said its valuation is now estimated about $1 billion plus.

Without stating how much it raised Bolt said in a statement to TechCrunch that:

“We have closed a new funding round, aimed at supporting our recent launch in London and further expansion plans in 2019.”

Aside Lyft Inc., Bolt is another major competitor to Uber Technologies Inc across Europe and emerging markets and especially Nigeria where the Estonian-based company is running head to head with Uber.

While Bolt did not disclose the amount, the latest round has now put its total raising at $185 million with its last big investment valuing it at $1 billion.

The latest funding will enable Taxify to show it has the firepower to compete given the financial pressure now at the beck and call of its major competition.