Bolt raises $711 million

Estonia-based ride-hailing start-up Bolt has raised $711 million at an $8.4 billion valuation — up from nearly $4.8 billion just five months ago. The latest deal was led by Sequoia Capital and Fidelity with participation from Whale Rock, Owl Rock and other existing investors.

Founded in 2013, Bolt lost 44.9 million euros last year, down from 85.5 million euros a year earlier. The company, however, describes its operating model as leaner and more cost-efficient compared to Uber’s and managed to increase its revenue by almost 75% to 221.4 million euros.