Estonian company Bolt Technology OU is looking to expand its operations in the United States by launching eScooter rentals in multiple cities. The company has posted job listings on LinkedIn for general managers and operations managers in cities including Los Angeles, Seattle, and Austin, Texas. Bolt is already active in over 45 countries offering ride hailing, food delivery, and scooter rentals.
This move by Bolt puts them in direct competition with Lime, a San Francisco-based company that operates shared eBikes and scooters in the U.S., Europe, and Australia. Lime is backed by Uber Technologies and is investing $55 million this year to expand its global fleet. Both companies are positioning themselves for initial public offerings (IPOs) in the future.
Bolt recently secured a 220-million-euro revolving credit facility from a group of core relationship banks, which will help support their existing strong cash position. CEO Markus Villig expressed confidence in the company’s financial standing and their trajectory towards being IPO-ready. Lime reported a record-setting year in 2023 with over 150 million total rides and $600 million in gross bookings.
In contrast, electric scooter startup Bird filed for bankruptcy in December but has since emerged successfully under a new parent company called Third Lane Mobility. Bird will continue to operate in cities worldwide despite facing financial challenges. Both Bolt and Lime are optimistic about their expansion plans and growth prospects in the electric scooter rental industry.