Technology-driven logistics and last-mile delivery provider Bolt Logistics announced Monday it has raised about $92 million in Series B financing led by a new investor, Yaletown Partners, with participation from new investors Ingka Investments, Northleaf Capital Partners, Bank of Montreal, Kensington Capital, and existing investors Whitecap Venture Partners, Intact Ventures, MIG and Michael Hyatt.
Bolt Logistics has raised a total $121 million since its founding in 2017.
The Canada-based company started as a self-storage and logistics startup when co-founder and CEO Mark Ang could not find an affordable storage facility. Four years later, Bolt now facilitates all supply chain links for more than 500 merchants, reportedly adding one to two new merchants a day.
The company is unique in that it handles all aspects of fulfillment, even integrating into its merchants already sourced e-commerce engines. After shipments are packaged for delivery, Bolt facilitates the last mile, including white-glove services for goods of all sizes and structures, handled by delivery personnel in merchant-branded clothing.
“Meeting customers where they need us most has been a relentless focus of the team since inception. While our business has undergone significant change in the past year, it’s clear that our focus on e-commerce fulfillment and last-mile logistics is exactly what the market needs,” said Ang.
“The support of our existing and new investors is extremely validating, and it’s the continued vote of confidence from our merchants and their shoppers that drive our business forward. I am incredibly humbled by how much we’ve accomplished so far and look forward to the milestones ahead, including an expansion into the United States,” said Ang.
This is what attracted its newest investor and customer Ingka Group, the primary owner of Ikea, which has been focused on improving its own supply chain, including meeting its newly set emission standards.
“Ingka Investments, part of the world’s largest home furnishing retailer operating Ikea stores in 32 markets, invests for generations to come. We are keen to support Bolt in growing its position as a next-generation logistics company, as technology-enabled logistics play a key role in how we can continue to adapt to changing shopping behaviors,” said managing director of Ingka Investments Krister Mattson.
“Bolt’s customer-centric and sustainable approach and the integration of zero-emission trucks into its fleet will contribute to reaching our goal of 100% zero-emission home deliveries by 2025 and support Ikea in becoming more accessible, affordable and sustainable for many people,” Mattson said.
|$92 million (CAD $115 million)
|Ingka Investments, Northleaf Capital Partners, Bank of Montreal, Kensington Capital, Whitecap Venture Partners, Intact Ventures, MIG and Michael Hyatt
|Business goals for the round
|Expand warehouse and fulfillment centers into the U.S. and add more employee to facilitate customer growth
|$121 million (CAD $150 million)
Bolt estimates that it will be passing $60 million in revenue this year and plans to use its new funds to add 400,000 square feet of space in Los Angeles and Houston, in addition to its 500,000 square feet of warehouse space in Canada, to fill its customer demand.
Bolt also looks to add employees to sustain its current customer growth, projected to have a total of 1,000 employees by year end, a large increase from its headcount of 200 in January.
“The company’s unparalleled growth demonstrates the importance of an agile supply chain structure that is driven by customer needs above all else. We are thrilled to be financing Bolt’s next stage of growth and can’t wait to see how the company continues to propel the industry forward,” said Eric Bukovinsky, partner at Yaletown.