Mar 3, 2020 - Economy & Business

Bolt Mobility raises $30 million for electric scooter rollout

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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