In 2013, on an Estonian island of just 10,000 residents, a teenager Markus Villig borrowed €5,000 from his parents and decided to take on Uber. Twelve years later, the company operates in 50+ countries, generating nearly €3 billion in revenue, and standing as one of the only European tech companies competing at true global scale.
Bolt built the business through underserved cities, emerging economies, and overlooked segments of urban transport. Bolt’s European ethos and long-term focus on driver retention became a structural advantage. The marketplace models and capital discipline that allowed Bolt to outmaneuver better-funded rivals.
When COVID erased 85% of its revenue in weeks, the company didn’t retreat; it pivoted into food delivery across 20 countries.
Bolt has gained significant share in Nigeria and Kenya due to pricing advantages, while Uber remains strong in South Africa. Many African drivers have protested Uber’s commission rates while Bolt gained traction by marketing itself as more driver friendly.
That same drive now shapes Markus’s broader agenda of investing in defense tech for Estonia and Ukraine, pushing for capital markets reform, and advancing on autonomous vehicles.
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