Mobility startup Bolt has launched in the UK with the “world’s first” platform to offer an accessible light electric vehicle solution for delivery couriers and businesses.
Co-founded in 2017 by Mina Nada, former executive at Deliveroo and Mobike, and former Bain & Co consultant, Michael Johnson, the Sydney-based start-up has launched in London and San Francisco, with key food delivery partners in each location.
The expansion comes following a £2.1 million seed funding round led by global mobility Venture Capital (VC) firm, Maniv Mobility, along with European e-mobility VC, Contrarian Ventures, individual VCs and former executives of Uber and Deliveroo.
Prescott Watson, principal at Maniv Mobility said: “More than just helping couriers make a better living, Bolt is solving our cities’ growing congestion and traffic safety problems by moving deliveries from cars and vans onto clean, space-efficient light electric vehicles.
“As e-commerce deliveries grow, we’re expecting Bolt’s platform to become the preferred solution for logistics players in the coming years.”
Technavio forecasts the global on-demand food delivery market will grow by 32% annually through to 2021 to become a $57.59 billion industry.
“Being in the food delivery industry since its inception, we saw that Light Electric Vehicles were the real future of ‘last mile’ logistics, yet no-one was offering the right vehicle, financing or maintenance solution,” said Nada.
“We are proud to be serving the real needs of delivery couriers while building the logistics infrastructure of the future.”
Delivery couriers can rent the light electric vehicle on a week-to-week basis or rent to own at the end of the 12-month contract. As a launch partner, Deliveroo believes Bolt offers an ‘unrivalled’ solution in servicing the delivery market on all levels.
Harrison Foster, UK regional director, Deliveroo, said: “Deliveroo is proud to be one of Bolt’s launch partners, offering a zero-emission mode of transport for our riders to deliver great food to Londoners quickly.”
The company has also partnered with technology platform, Stuart, which specialises in sustainable last-mile delivery. By 2020, Bolt aims to increase its fleet to ten times its current size. With a team of 20, it plans to expand across more cities in the UK, US and Australia.