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Bolt Logistics Secures $115M in Series B Equity Financing to Fuel the Digital Transformation of Logistics

By Katie McCann

Financing demonstrates Bolt’s unmatched market value and proven success in logistics 

TORONTO, November 8, 2021 – Bolt Logistics (“Bolt”), a leading Canadian technology-enabled logistics  and last-mile delivery provider, is proud to announce it has raised CAD $115 million in financing bringing  the total funds raised by the company to date to more than $150 million. The investment was led by  new investors Yaletown Partners, with participation from Ingka Investments (the investment arm of  Ingka Group, the main IKEA retailer), Northleaf Capital Partners, Bank of Montreal, and Kensington  Capital, and existing investors including Whitecap Venture Partners, Intact Ventures, MIG and Michael  Hyatt. 

Bolt has established itself as an industry leader through its simplified, customer-centric, and sustainable  approach to fulfillment services. Their ability to manage everything from small items to heavy-and-hard to-handle fulfillment and delivery makes them the first choice for businesses needing an all encompassing logistics partner. In less than five years, the company has demonstrated an unwavering  ability to scale logistics and drive exponential growth, building its initial consumer storage business out  into an expansive business-to-business (B2B) offering that serves four key Canadian markets – Toronto,  Ottawa, Montreal, and Vancouver.  

Now more than ever, the rapidly changing e-commerce fulfillment and last-mile logistics industry needs  world-class digital, efficient, and low carbon solutions. Bolt has risen to the challenge and this  investment demonstrates the company’s investor-backed position as a leader of the next generation of  supply chain logistics companies. Leveraging this round of financing, Bolt will further penetrate  operations in existing markets while identifying new opportunities to expand its partner pool to best  serve current and prospective clients. Additionally, the financing will allow Bolt to continue growing its  talent pipeline, with a projected headcount total of 1,000 employees by the end of 2021 – a 400 percent  increase from the January headcount total of 200. 

“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 e commerce 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. I  am incredibly humbled by how much we’ve accomplished so far and look forward to the milestones  ahead, including an expansion into the United States.”  

“Bolt’s digitally-led solutions embody the power of digital transformation for the logistics sector by  providing customers with a more resilient and streamlined process, while simultaneously working  towards a zero-emission, carbon-negative future,” said Eric Bukovinsky, Partner at Yaletown. “The  

company’s unparalleled growth demonstrates the importance of an agile supply chain structure that is  driven by customer needs above all else. We are thrilled to be financing Bolt’s next stage of growth and  can’t wait to see how the company continues to propel the industry forward.” 

“Ingka Investments, part of the world’s largest home furnishing retailer operating IKEA stores in 32  markets, invests for generations to come. We are keen to support Bolt in growing its position as a next-generation logistics company, as technology-enabled logistics play a key role in how we can continue to  adapt to changing shopping behaviours,” said Krister Mattson, Managing Director of Ingka Investments.  “Bolt’s customer-centric and sustainable approach and the integration of zero-emission trucks into its  fleet will contribute to reaching our goal of 100 percent zero-emission home deliveries by 2025 and  support IKEA in becoming more accessible, affordable, and sustainable for many people."  

“We are excited to support Bolt as it scales up and accelerates its next phase of growth in a rapidly  changing space,” said Ian Carew, Managing Director at Northleaf Capital Partners. “Bolt is well positioned to be a next-generation leader in supply chain logistics.” 

About Bolt Logistics 

Founded in 2017, Bolt Logistics (“Bolt”) is a leading Canadian technology-enabled logistics and last-mile  delivery provider for businesses of all sizes – from small local e-commerce shops to large national  retailers. Bolt provides a customer-centric and sustainable approach to fulfillment, including reliable  warehousing, pick and pack, shipping, and last-mile delivery. By operating as an extension of every  customer’s team, Bolt delivers best-in-class services every step of the way, ensuring faster, more cost effective, and complete customer deliveries. Bolt also strives to be carbon negative by 2023 and is  building Canada’s largest electric vehicle fleet. For more information on why Canada’s largest box  mattress companies, furniture businesses, and e-commerce entrepreneurs trust Bolt as their fulfillment partner, visit gobolt.com.  

About Yaletown Partners  

Yaletown Partners is a leading Canadian venture capital fund manager that invests in the technologies  digitally transforming traditional industries by prioritizing climate-resilient growth. In 2017, Yaletown  received the CVCA’s Venture Capital Deal of the Year award for its investment in BitStew. Backed by  leading institutional investors, including pension funds, and a network of successful technology  entrepreneurs, Yaletown has offices in Vancouver, Calgary, Edmonton, Toronto, and Montréal. 

About Ingka Group 

With IKEA retail operations i n 32 markets, Ingka Group is the largest IKEA retailer and represents  about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and  help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under  franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka  Investments and Ingka Centres. Read more on ingka.com

For more information: 

Jennifer Farr 

Kaiser & Partners 

[email protected] 

416-910-5221

Katie McCann
By Katie McCann

Katie is the Content Marketing Manager at Bolt, creating resources to help ecommerce businesses of all size thrive. When she's not tracking her online orders right to her doorstep, she's obsessing over her pandemic puppy and learning TikTok dances.