Estonia-based Bolt has acquired electric vehicle ride-hailing service Viggo, a move that will allow the company to launch and scale ride-sharing options in Denmark. Terms of the deal were not disclosed.
Founded in 2013, Bolt is a mobility app that provides rides, delivery, car-sharing, micromobility and more. The company operates in 600 cities and 50 countries, and it already maintains a presence in Denmark with its e-bike rentals in Copenhagen.
Markus Villig, CEO of Bolt, shared the news in a LinkedIn post, adding that the company is also partnering with Denmark’s Taxi 4x27.
“We are excited to announce our first ever acquisition—Viggo,” Villig said. “They have done a fantastic job building the highest rated taxi service in the country with 300+ fully electric cars.”
Viggo’s community, built up since its founding in 2019, includes a fleet of 300 electric vehicles, 500 drivers and 450,000 users in Copenhagen and Aarhus.
Lars Speekenbrink, regional general manager for Northern Europe at Bolt, said the move allows the company to enter the market with an advantage.
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“We are not entering Denmark as a small player—we are acquiring the best-performing taxi company in the market,” he said in a release.
“Viggo has set the standard for premium service, customer satisfaction and a fully electric fleet, and we are excited to build on that success. By combining Viggo’s local expertise with Bolt’s technology and scale, we will offer riders a seamless, high-quality experience while creating better earning opportunities for drivers.”
Viggo also shared the news on its LinkedIn page and said the sale marks the start of a new chapter.
“Bolt brings ambition and ability to scale a business and we could not have wished for a better owner to drive Viggo forward,” Viggo said. “This is good news for our loyal Viggo-riders and all the Viggo-riders-to-be and for our partners and drivers in the cars.”
Bolt said in its release that it is committed to a smooth transition for drivers, including access to Bolt’s technology, increased demand for rides and fair commission. It also said the company is committed to offering high-quality, fully electric rides in accordance with Viggo’s standards. Bolt plans to invest in Denmark’s taxi industry and leverage its e-bike user base as a method to boost demand instantly for taxis.
Bolt made headlines in years past for securing several rounds of funding as well as making its own investments.
In April 2022, the company said it would spend €150 million on scooter and e-bike solutions as it saw an uptick in micromobility usage.
Also in 2022, Bolt raised €628 million through its Series F funding round, bringing its valuation at the time to €7.4 billion, according to the company. In 2021 the company raised
€600 million in Series E funding in August and €20
million in March to be put toward bettering access to transportation
in emerging economies. And in 2020, the company raised €150 million in December and €100 million in May.