Bolt, Uber’s formidable competitor, has received $24 million from the International Finance Corporation (IFC) to expand its services across Africa and Eastern Europe. TechCrunch reports that the favored areas of expansion are Nigeria and Ukraine – two of the respective region’s biggest economies.
IFC also classifies its investment in Bolt as a form of women empowerment. Bolt recently announced a service that allows women to request only women drivers. This ensures safer and affordable transportation within emerging markets.
Investment from the IFC shows a noteworthy expression of confidence in Bolt’s fundraising efforts. In December, the company raised $182 million raising its valuation to $1.9bn. IFC has invested over $22 billion into different companies worldwide.
Bolt has cultivated a solid presence in emerging markets. Since the 2013 launch, the company has picked over 50 million drivers across 40 different countries in 70 African cities.