Toronto-based startup GoBolt, which provides a tech-enabled supply chain network, has raised $75 million CAD in Series C financing.
The funding was led by GoBolt’s existing backer Yaletown Ventures, joined by first time investor Export Development Canada. BDC Capital also came in as a new investor, and the round had participation from returning investors Whitecap Venture Partners, MIG Group, Northleaf Capital Partners, BMO Capital Partners, and Ingka Group, Ikea’s main retailer.
According to GoBolt, the funding will be used to support continued growth in the markets the company currently operates in, as well as make investments in sustainability, such as increasing the company’s fleet of electric vehicles (EVs) and charging infrastructure. The startup also plans to make improvements to robotics and warehouse automation.
This round brings its total funding raised to $222.5 million CAD. This includes its $115 million CAD Series B financing in November last year, a $33.2 million CAD Series A that was raised across two rounds, a $2.04 million CAD investment in 2018, and $500,000 CAD in seed capital secured in 2017.
GoBolt was founded in 2017 with the name Second Closet, as a consumer self-storage startup. It rebranded to Bolt Logistics last year as it pivoted to providing fulfillment and last-mile logistics for e-commerce businesses. As it officially expanded its supply chain network into the US, the company renamed itself to GoBolt in May.
GoBolt currently operates in Canada and the United States, available in cities in Toronto, Montréal, Calgary, Vancouver, Los Angeles, New York, Houston, Miami, and Atlanta, among others.
In May, GoBolt said it was also eyeing growth plans beyond North America, citing the United Kingdom and Australia as potential future locations.
Led by co-founders Mark Ang (CEO) and Heindrik Bernabe (CTO), GoBolt’s supply chain network provides warehousing, pick and pack, shipping, and last-mile delivery. The startup’s offerings have attracted the likes of Ikea, Chanel, and other major retailers.
Ang told The Globe and Mail that GoBolt has spent the last 13 months expanding into five US metropolitan areas and building out a fleet of EVs from suppliers such as Ford’s E-Transit vans and Lion Electric. He added that GoBolt aims to have 90 percent of its deliveries to be conducted by EVs by the end of next year, an increase of 20 percent this year.
Featured image courtesy GoBolt.