Bolt Logistics CEO Mark Ag (BCom) secures $115M CAD to scale beyond Canada

November 8, 2021 by Betakit

Mark Ang (BCom), Co-Founder & CEO of Bolt Logistics secures C$115M to scale beyond Canada

Bolt Logistics (formerly Second Closet) has had a lightning-fast year, finding its niche in fulfillment and last-mile logistics, and securing $115 million CAD to scale that offering beyond Canada.

Bolt’s new Series B capital comes less than 10 months after the startup extended its Series A round with $20 million to support a shift away from self-storage. The financing includes recommitment from all Bolt’s existing investors, as well as buy-in from new investors that include the likes of ​​Ingka Investments, the investment arm of Ingka Group, the main Ikea retailer.

The tech-enabled fulfillment and logistics startup has attracted the likes of Ikea, Chanel, as well as other major retailers as customers, leading to higher than anticipated growth that is pulling the Toronto-based Bolt into the United States market.

The recent financing includes $75 million in Series B capital, and $40 million in debt from Silicon Valley Bank. The Series B round also includes $10 million in secondary capital (no investors were fully bought out).

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