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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.

Go deeper

Bryan Walsh, author of Future
20 mins ago - Politics & Policy

President Biden faces a deeply broken America

Illustration: Aïda Amer/Axios

As President Biden begins his term in office today, he'll be tasked with leading a country beset with deep, long-term problems.

Why it matters: Though the pandemic has made them worse, existential challenges around inequality, social alienation and political division in the U.S. were in place well before SARS-CoV-2 arrived on American shores. The country's future will depend in large part on whether the choices made over the next four years can flatten the curve of American decline.

Facebook, Instagram transfer accounts, followers to Biden administration

Screenshot of official White House Facebook account.

Facebook on Wednesday confirmed that it is transferring the millions of followers of the official Facebook and Instagram White House accounts to the Biden administration.

Details: The accounts for "@POTUS," "@VicePresident" ("@VP" on Instagram) and "@FLOTUS" are having the followers from their personal Pages and accounts be transferred over. It's unclear when that transition process will be complete.

Updated 49 mins ago - Politics & Policy

Inauguration Day dashboard

Biden delivers his inaugural address on the West Front of the Capitol. Photo by Tasos Katopodis/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden signs executive orders and swears in day one presidential appointees in a virtual ceremony.