Mar 3, 2020 - Economy

Bolt Mobility raises $30 million for electric scooter rollout

side-by-side images of Bolt Mobility scooter and CEO Julia Steyn

Bolt Mobility's electric scooter and CEO Julia Steyn. Photos: Bolt Mobility

Bolt Mobility, a Miami Beach-based electric scooter company co-founded by Olympic sprinter Usain Bolt, announced Tuesday that it closed a Series A funding round, bringing total investment to $30 million at a $100 million valuation.

Why it matters: Bolt, led by former General Motors mobility executive Julia Steyn, is entering a crowded field in which many competitors are losing money and cutting back after two years of explosive growth.

Details: The funding round was co-led by Rokk3r Fuel ExO and Sofreh Capital.

  • Bolt currently operates 5,000 scooters in Fort Lauderdale, Miami, Alexandria, Arlington, Richmond, Nashville, Atlanta, Portland, and Paris.
  • It is approved to soon launch in several more cities across the U.S. and Europe.

Of note: Bolt also announced that Ed Welburn, GM's former vice president of global design, is joining the company as an advisor.

Editor's note: This piece was corrected to add that the round was co-led by Sofreh Capital.

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