European firm Bolt has announced that it has closed an investment round of €100 million as it looks to scale all of its products in Europe and Africa.

The investment comes from Naya Capital Management and brings total investment in this round to €300 million.

“We are delighted to have the opportunity to invest in Bolt at this stage in the company’s growth story. Under Markus’ leadership, Bolt has established itself as one of the most competitive and innovative players in global mobility,” said managing partner at Naya Capital, Masroor Siddiqui.

And establish itself Bolt has.

The firm currently offers ride-hailing services in 150 cities across the African continent and Europe. In fact, Bolt is so popular in Africa, half of its business comes from Ghana, Kenya, Nigeria, South Africa, Tanzania, Tunisia and Uganda.

While Bolt hasn’t outlined how it intends to scale it has pointed to what it has done in the last few months. This includes Bolt Business Delivery which helps essential businesses get deliveries out to customers.

Bolt Food also launched in Cape Town this month as South Africa moved to level 4 of lockdown which allowed for the delivery of food.

The firm has also introduced Bolt Isolated Cars which contain physical barriers between the front and back seats. These were launched to mitigate the risk of infection between drivers and riders.

“We believe that Bolt is helping drive a fundamental change in how consumers interact with the transport infrastructure of their cities and look forward to the company’s continued execution on its strategic vision,” said Siddiqui.

Co-founder and chief executive officer at Bolt, Markus Villig, welcomed the investment from Naya Capital.

“We are happy to be backed by investors that support our long term view and don’t buy into the mindless spending that’s become so common in Silicon Valley. I am more confident than ever that our efficiency and localisation are a fundamental advantage in the on-demand industry. These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners in the post-COVID world,” said Villig.