Fleet Financing

Bolt Logistics Secures $ 115 Million Series B Funding to Power Digital Logistics Transformation | Your money


TORONTO – (BUSINESS WIRE) – November 8, 2021–

Bolt Logistics (“Bolt”), a leading Canadian provider of technology logistics and last mile delivery, is proud to announce that it has raised CAD 115 million in funding, bringing the total funds raised by the business to date at over $ 150 million. . The investment was led by new investors Yaletown Partners, with participation from Ingka Investments (the investment arm of Ingka Group, the main IKEA retailer), Northleaf Capital Partners, Bank of Montreal and Kensington Capital, and investors existing companies, including Whitecap Venture Partners, Intact Ventures, MIG and Michael Hyatt.

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Bolt Logistics (Photo: Business Wire)

Bolt has established itself as an industry leader with its streamlined, customer-centric and sustainable approach to fulfillment services. Their ability to handle everything from small items to heavy and difficult-to-handle orders and deliveries make them the first choice for businesses needing a full logistics partner. In less than five years, the company has demonstrated an unwavering ability to evolve logistics and generate exponential growth, transforming its initial consumer storage business into a broad business-to-business (B2B) offering that serves four key Canadian markets – Toronto , Ottawa, Montreal and Vancouver.

Now more than ever, the rapid evolution of e-commerce execution and last mile logistics requires world-class, efficient, low-carbon digital solutions. Bolt rose to the challenge and this investment demonstrates the company’s investor-supported position as a leader of the next generation of supply chain logistics companies. By leveraging this round of funding, Bolt will further penetrate operations in existing markets while identifying new opportunities to expand its pool of partners to better serve current and potential clients. In addition, the funding will allow Bolt to continue to grow its talent pool, with a planned total workforce of 1,000 by the end of 2021, an increase of 400% from the January total of 200.

“Meeting clients where they need us most has been a constant concern of the team since its inception. Although our business has undergone significant changes over the past year, it is clear that our focus on e-commerce execution and last mile logistics is exactly what the market needs, ”said Mark Ang. , CEO of Bolt Logistics. “The support of our existing and new investors is extremely rewarding, and it is the continued vote of confidence from our traders and their buyers that drives our business forward. I am incredibly touched by all that we have accomplished so far and look forward to the next steps, including an expansion in the United States.

“Bolt’s digital solutions embody the power of digital transformation for the logistics industry by providing customers with a more resilient and streamlined process, while simultaneously working towards a zero-emission and negative-carbon-emission future,” said Eric Bukovinsky, partner at Yaletown. “The unprecedented growth of the company demonstrates the importance of an agile supply chain structure that is first and foremost driven by customer needs. We are excited to fund Bolt’s next stage of growth and look forward to seeing how the company will continue to propel the industry forward.

“Ingka Investments, part of the world’s largest home furnishings retailer, operating IKEA stores in 32 markets, is investing for generations to come. We are keen to help Bolt strengthen its position as a next generation logistics company, as technology-based logistics play a key role in how we can continue to adapt to changing buying behaviors ” said Krister Mattson, Managing Director of Ingka Investments. “Bolt’s sustainable, customer-centric approach and the integration of zero-emission trucks into its fleet will help achieve our goal of 100% zero-emission home deliveries by 2025 and help IKEA become more accessible, affordable and durable for many people. . “

“We are delighted to support Bolt as it expands and accelerates its next phase of growth in a rapidly changing space,” said Ian Carew, Managing Director of Northleaf Capital Partners. “Bolt is well positioned to be a next generation leader in supply chain logistics. “

About Bolt Logistics

Founded in 2017, Bolt Logistics (“Bolt”) is a leading Canadian provider of technology logistics and last mile delivery for businesses of all sizes, from small local e-commerce stores to large national retailers. Bolt offers a customer-centric and sustainable approach to order fulfillment, including reliable warehousing, picking and packing, shipping and last mile delivery. Working as an extension of every customer’s team, Bolt provides top-notch services every step of the way, ensuring faster, more profitable and complete customer deliveries. Bolt is also striving to be carbon negative by 2023 and is building the largest fleet of electric vehicles in Canada. For more information on why Canada’s largest mattress companies, furniture companies and e-commerce entrepreneurs trust Bolt as their fulfillment partner, visit gobolt.com.

About Yaletown Partners

Yaletown Partners is a leading Canadian venture capital fund manager investing in technologies that digitally transform traditional industries with a focus on climate resilient growth. In 2017, Yaletown received the Venture Capital Deal of the Year award from the CVCA for its investment in BitStew. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Edmonton, Toronto and Montreal.

About the Ingka Group

With IKEA retail operations in 32 markets, Ingka Group is the largest IKEA retailer and accounts for around 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems BV. It has three business segments: IKEA Retail, Ingka Investments and Ingka Centers. Learn more at Ingka.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211108005292/en/

CONTACT: Jennifer Farr

Kaiser & Partners

[email protected]

416-910-5221

KEYWORD: UNITED STATES NORTH AMERICA CANADA NEW YORK

INDUSTRY KEYWORD: TRANSPORT LOGISTICS / SUPPLY CHAIN ​​MANAGEMENT MANUFACTURING TRANSPORT OTHER MANUFACTURING TRAVEL

SOURCE: Bolt Logistics

Copyright Business Wire 2021.

PUB: 08/11/2021 09h00 / DISC: 08/11/2021 09:02

http://www.businesswire.com/news/home/20211108005292/en

Copyright Business Wire 2021.


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