Estonian company Bolt Technology OU is looking to expand its operations to the United States by introducing eScooter rental services in cities like Los Angeles, Seattle, and Austin. The company recently posted job listings on LinkedIn seeking general managers and operations managers for this venture. Bolt already operates in over 45 countries across Europe, Africa, Asia, and Latin America, offering services such as ride-hailing, food delivery, and scooter rentals.
As Bolt enters the US market, it will face competition from Lime, a San Francisco-based company that operates a network of shared eBikes and scooters in various countries. Lime is backed by Uber Technologies and has recently announced plans to invest $55 million this year to grow its global fleet. Both Lime and Bolt are preparing for initial public offerings (IPOs) in the future.
To support its expansion into the US market, Bolt has secured a 220-million-euro revolving credit facility from a syndicate of core relationship banks. This facility reflects the company’s financial strength and maturity according to founder and CEO Markus Villig. On the other hand, Lime reported a record-setting year in 2023 with more than 150 million total rides and $600 million in gross bookings.
Despite some challenges in the industry such as Bird filing for bankruptcy in December, the electric scooter market continues to grow. Bird recently emerged from bankruptcy under a new parent company called Third Lane Mobility and will continue to operate in cities worldwide. Both Lime and Bolt are focused on expanding their services and operations to meet the growing demand for shared electric vehicles.
