Miami-based micromobility startup Bolt, co-founded by Olympic gold medalist Usain Bolt, is expanding to 48 new markets after acquiring the assets of Last Mile Holdings, which included the mobility-as-a-service (MaaS) platform Gotcha.
“This was a perfect fit,” Bolt CEO Ignacio Tzoumas said in a press release. “This acquisition allows us to dramatically expand our footprint across the U.S.”
Bolt is striving to revolutionize transportation with its streamlined tools, Tzoumas said, adding that the expansion to new locales includes a presence on 18 university campuses and gives Bolt the ability to “empower local partners to expand the interconnectivity of cities and universities with multi-modal micromobility solutions.”
Bolt’s technology-centered approach offers riders on its platform a more hygienic alternative to mass transit. The company works with independent operators and gives drivers the opportunity to launch their own micromobility businesses.
“We founded Bolt because we believe in micromobility as a movement that can transform the way people live and move within their communities,” said Usain Bolt, co-founder and Olympic Gold medalist. “This expansion proves that anything is possible for micromobility when you support it with talented people, innovative technology and the incredible work ethic of the Bolt team.”
Drivers in Bolt’s new markets can use e-scooters, e-bikes and pedal bikes through Gotcha’s platform and OjO Electric mobile apps. Bolt plans to collaborate with city and university partners to introduce their stakeholders to the mobility-as-a-service model.
“I am thrilled to be joining Bolt, as we share a commitment to strengthening communities through the power of micromobility,” said Gotcha’s former CEO Matt Tolan, who will serve as Bolt’s new chief commercial officer. He will also focus on Bolt’s relationships with cities and universities. “We can’t wait to get to work enhancing our current partnerships and expanding our micromobility offerings throughout the U.S. and around the world,” Tolan added.
With the acquisition, Bolt is poised to be a global leader in an industry that’s expected to more than triple its 2018 value by 2025, according to the release.
Bolt said it will work closely with city officials to solve problems like traffic and parking congestion, as well as to move toward a reduced carbon footprint. The company added that its strategy targets technology solutions for the micromobility ecosystem.
Bolt closed a $75 million December funding round after closing out 2020 with $1 billion in transactions processed. The firm also saw its shopper network escalate.