November 11, 2021
Just 10 months after having secured their Series A financing and 4 years after their founding in 2017, Bolt Logistics recently announced that they have secured an additional $115 million CAD pursuant to their Series B financing round. The Toronto based online platform provides delivery and shipping services to various retailers across the country. The company has focused their operations on “last-mile logistics” wherein the service provider transports goods from a central warehouse or hub to the final destination (e.g. the retail storefront). Bolt has also developed a proprietary online platform that allows customers to track deliveries and shipments in real time.
Within the broad logistics and shipping industry, Bolt has branded themselves as offering “white glove” delivery services to their customers. This niche subset of the industry focuses on excellence in customer service, high levels of service and attention, and utmost care for transported goods. White glove services are often used by merchants looking to transport delicate or expensive goods that must be handled with care, reliability, and dedication. Deliveries are handled by employees in uniforms who offer friendly service and a consistent branded experience that has earned the company a strong reputation for high customer satisfaction.
The most recent financing round is led by Yaletown Partners based out of Vancouver, BC. Other investors include Northleaf Capital Partners, the Bank of Montreal, and Kensington Capital among others. Perhaps the most notable addition to Bolt’s roster of investors however is Inkga Investments, which serves as the investment arm of IKEA. Having previously used Bolt for their delivery services, IKEA looks to build on their relationship with the company through this latest investment. Krister Mattsson, who serves as the managing director of Inkga, cited Bolt’s excellent customer satisfaction and technological focus as being key factors in their decision to add Bolt to their portfolio.
As the company continues to grow, they have placed sustainability at the center of their operations with a pledge to be carbon negative by 2023. The company plans to transition to a fleet of electric delivery trucks and use sustainable packaging in their operations. Inkga has cited this as another area of alignment between the companies as IKEA seeks to implement zero-emission home deliveries by 2025. With growing demand from online retailers, the company is also looking to expand beyond Canada as it looks to begin operations in California and Texas in Q1 2022.
By: Aryan Pour-Bahreini