Bolt Mobility, the South Florida electric scooter rental start-up company, in which Jamaican sprint legend Usain Bolt in a primary investor, has secured capital funding to the tune of US$30 million.
The Series A funding deal comes as e-scooters expand rapidly in major metropolitan areas — including in South Florida. This relatively new concept is seen as a viable transportation option to avoid gridlocked roads.
The Miami Beach-based company will use the funds secured to expand its growing operations given the growing utilisation of e-scooters for transportation in metropolitan America. The financing is coming from Miami-based venture capital firm, Rokk3r Fuel ExO.
Rokk3r Fuel ExO is already on board to help Bolt Mobility’s expansion plans to grow the business while increasing market share. Bolt Mobility brought on Ed Welburn, former VP of General Motors Global Design, as an advisor to the company, as part of its growth strategy to penetrate to e-scooter market, in particular, and the bigger transportation market in general.
Bolt is not just an equity partner but is also part the leadership team. Bolt Mobility CEO Julia Steyn was elated at securing the funding for its expansion plan.
According to Steyn, “…securing Series A funding and bringing, Ed Welburn on board as an advisor, Bolt Mobility is getting the resources and expertise it needs to both scale and advance our mission of bringing simple, efficient transport solutions to populations around the world.”
The start-up company is lining up to challenge the major players in the transport market in Miami including Santa Monica-based Bird, which operates in 100 cities, Uber-owned e-scooter companies Lime and Jump and others.
Miami recently extended its citywide pilot program for e-scooters amid controversy. In addition to Bolt Mobility, there are eight other e-scooter vendors operating in Miami. They are Baus, Bird, Helbiz, Jump, Lime, Lyft, Spin and Wheels.
Founded in 2018, Bolt Mobility is competing for a share of the rapidly growing e-scooter market, which is projected to expand to US$41.98 billion in value by 2030 globally from US$18.6 billion last year. These numbers are based on a February report from Grand View Research, which did an extensive research on the e-scooter market globally.