Bolt Technologies/Bolt Logistics closes $115M funding round

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By CPE News

CPE News (11/08/2021) – Bolt Technologies dba Bolt Logistics has announce the closing of $115 million funding round led by Yaletown Partners with participation of Ingka Investments, Northleaf Capital Partners, Bank of Montreal, Kensington Capital, Dream Maker Ventures, Silicon Valley Bank (SVB), and existing investors Whitecap Venture Partners, Michael Hyatt, Intact Ventures, MIG, and Cowie Capital Partners.

Ingka Investments is one of the three core businesses of Ingka Group, the largest owner and operator of IKEA Retail.

The funding round is reportedly consisting of $75 million Series B (including a $10 million secondary) and $40 million in debt financing from SVB.

Bolt Technologies, formerly Second Closet, completed $20 million in new equity funding in March 2021 led by Whitecap Venture Partners alongside new investor Intact Ventures, with participation from other existing investors including MIG, Michael Hyatt, and Cowie Capital Partners.

Founded by Mark Ang, David Ang, and Heindrik Bernabe in 2017, Bolt Logistics 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.

photo credit: Bolt Logistics

News Release

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

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

TORONTO–(BUSINESS WIRE)–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 per cent 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

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


Jennifer Farr
Kaiser & Partners