The Canadian logistics and last-mile delivery service Bolt Logistics has raised $92 million ($115 million CAD), bringing the total funds raised by the firm to $120 million.
Bolt announced the funding in a news release on Monday (Nov. 8), saying it would use the financing to grow within its existing markets and look for other ways to expand, including into the U.S. It also plans to do some hiring, with a projected headcount of 1,000 by the end of the year, a 400% increase from the 200 employees the firm had at the start of 2021.
“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 eCommerce fulfillment 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 validating, and it’s the continued vote of confidence from our merchants and their shoppers that drive our business forward.”
Read more: Final-Mile Delivery Developments Heat up, Just in Time for Winter Gifting Season
The news comes at an unusual time for final-mile deliveries, as PYMNTS noted last month, with recent developments suggesting that last-mile delivery experiences will be more decisive this year in terms of meeting — or failing to meet — shoppers’ expectations.
With concerns including eCommerce package volumes, driver shortages and supply chain disruptions, news of Walmart’s GoLocal delivery services adding Home Depot as its first client indicates that the biggest names in retail are eyeing new delivery solutions.
Founded in 2017, Bolt says it handles both small items and “heavy and hard-to-handle fulfillment and delivery,” growing from a consumer storage business to a B2B offering that serves Toronto, Ottawa, Montreal and Vancouver.
The funding round was led by new investors Yaletown Partners, with additional backing from Ingka Investments (the investment arm of Ingka Group, the main IKEA retailer), Northleaf Capital Partners, Bank of Montreal and Kensington Capital, along with existing investors including Whitecap Venture Partners, Intact Ventures, MIG and Michael Hyatt.