<p>Ride-hailing service Bolt said on Tuesday it has raised 100 million euros ($109 million) from London-based investment firm Naya Capital Management in a deal valuing the European rival of Uber at 1.7 billion euros.</p>.<p>Bolt said the funding would allow it to grab market share in a sector hurt by COVID-19, as lockdowns have kept customers indoors, and rivals Uber, Lyft and Softbank-backed Ola cut thousands of jobs.</p>.<p>"In the next 12-18 months we have an opportunity to win market share," Bolt founder and Chief Executive Markus Villig told Reuters in an interview.</p>.<p>"Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow," Villig said.</p>.<p>In April, Bolt turned to Estonia's government, asking to guarantee a 50 million euros credit, but it has since ditched the plan.</p>.<p>"We understood quickly that from the state side there was no interest and we buried this plan," Villig said.</p>.<p>Bolt offers also scooter rental and food delivery. Bolt has expanded its food delivery business to 15 countries from four during this year as demand has surged.</p>.<p>"It has multiplied. If you look at countries, from 4 to 15, the deliveries have grown faster," Villig said.</p>.<p>The 2013-founded Bolt -- which has over 30 million users in 35 countries -- has grabbed business from Uber mostly in major African cities and Eastern Europe. ($1 = 0.9179 euros)</p>
<p>Ride-hailing service Bolt said on Tuesday it has raised 100 million euros ($109 million) from London-based investment firm Naya Capital Management in a deal valuing the European rival of Uber at 1.7 billion euros.</p>.<p>Bolt said the funding would allow it to grab market share in a sector hurt by COVID-19, as lockdowns have kept customers indoors, and rivals Uber, Lyft and Softbank-backed Ola cut thousands of jobs.</p>.<p>"In the next 12-18 months we have an opportunity to win market share," Bolt founder and Chief Executive Markus Villig told Reuters in an interview.</p>.<p>"Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow," Villig said.</p>.<p>In April, Bolt turned to Estonia's government, asking to guarantee a 50 million euros credit, but it has since ditched the plan.</p>.<p>"We understood quickly that from the state side there was no interest and we buried this plan," Villig said.</p>.<p>Bolt offers also scooter rental and food delivery. Bolt has expanded its food delivery business to 15 countries from four during this year as demand has surged.</p>.<p>"It has multiplied. If you look at countries, from 4 to 15, the deliveries have grown faster," Villig said.</p>.<p>The 2013-founded Bolt -- which has over 30 million users in 35 countries -- has grabbed business from Uber mostly in major African cities and Eastern Europe. ($1 = 0.9179 euros)</p>