News

Smart Energy Fund invested in electric bike subscription service

2019-10-18

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures invested in a UK-based electric bike subscription service Bolt Bikes. It is the world’s first commercial-grade e-bikes subscription offering, providing delivery couriers and businesses with a tech-enabled, cost-effective and eco-friendly service.

In addition to Smart Energy Fund, another key investor in Bolt Bikes is Maniv Mobility, a global mobility-focused investor. Investors in Maniv’s fund include BMW, Hyuandai, LG Electronics, Shell and Deutsche Bahn. Smart Energy Fund invested 136k EUR (150k USD), while Maniv Mobility investment reached 2m USD. With this financing, Bolt Bikes is looking to increase its fleet, keep on adding talent to their team and rolling out new features for users.

“Smart energy solutions are gaining ground in the transport sector. The business model of Bolt Bikes shows that the demand for e-bikes is steadily growing in the gig economy. For example, this eco-friendly vehicle is gaining popularity among food delivery drivers”, said Dominykas Tučkus, a member of the Board and Director of Infrastructure and Development of Ignitis Group.

Bolt Bikes is already operational in Australia, USA and UK with more than 500 e-bikes being used by couriers working for food delivery companies such as Deliveroo and UberEats.

Despite the similarity of names Bolt Bikes is unconnected with transportation network company Bolt.

“We see e-bikes as the fastest mode for delivery couriers in dense urban areas, giving them higher earning potential, allowing food delivery platforms to increase courier supply and also helping cities tackle growing congestion and traffic safety. E-bikes-as-a-service subscription model makes the vehicles affordable for both individual couriers as well as private fleet.

Serving of food delivery platforms is only the first step into becoming a partner for a number of other large e-commerce and logistics companies who have already expressed interest in collaborating with Bolt Bikes”, said Tomas Kemtys, Partner at Contrarian Ventures.

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures supports Ignitis Group Energy Innovation Hub including programs of Open Infrastructure, Open Partnership and Open Culture.

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures invests in start-ups that are developing new technologies in the energy technology field. The Fund also manages AcceleratorOne Program which together with Ignitis Group invests in start-ups and helps them grow. The program tests pilot products and services in the local market, providing further opportunity to grow internationally.

More information about Ignitis group

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