News | Bolt Logistics Secures $115M in Series B Financing to Power the Digital Transformation of Logistics

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

 November 8, 2021

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

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-hardto-handle fulfillment and delivery makes them the first choice for businesses needing an allencompassing 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 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. 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 wellpositioned 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 costeffective, 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

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 in 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.

For more information:
Jennifer Farr
Kaiser & Partners