Ride hailing company Bolt will be investing more than 100 million euros ($118 million) in European e-scooter market come 2021. Following this investment the Estonia based will become the largest e-scooter rental company in Europe.
The company is intending to introduce 130,000 scooters to 100 cities across Europe in 2021. CEO and co-founder of Bolt Markus Villig, believes there is still much untapped potential in the market.
“There is so much room to grow,” said Villig.
The CEO said he believes consumers will shift from public transport and taxis to open air e-scooters due to the coronavirus pandemic however this is yet to be witnessed. Additionally, he said it’s good for Bolt to compete with established e-scooter firms like Tier Mobility since it will be benefiting in terms of costs synergies in sales and marketing.
Currently Bolts operates in 35 countries with over 30 million customers. The company has managed to take a huge market share from rival ride hailing company Uber Technologies Inc. (UBER) in Eastern Europe and Africa.
Back in May the company received an investment of 100 million euros from Naya Capital Management giving the company a market valuation of 1.7 billion euros.