Funding to support continued growth, innovation, and investments in sustainability
TORONTO, Dec. 7, 2022 /CNW/ — GoBolt, a technology company on a mission to build the world’s largest sustainable, vertically integrated supply chain network, announces it has raised $75 million CAD in financing, bringing the total funds raised to date to more than $222.5 million CAD. This investment was led by Yaletown Venture Partners and Export Development Canada (EDC), with participation from BDC Capital, Northleaf Capital Partners, Whitecap Venture Partners, MIG Group, BMO Capital Partners and Ingka Investments, the investment arm of Ingka Group, the main IKEA retailer.
“GoBolt has always taken pride in being an innovative force within an antiquated industry — we’re constantly keeping an eye on what’s next while also creating a more sustainable future for the logistics industry,” said Mark Ang, CEO and Co-Founder of GoBolt. “This round of funding will help us lean farther into the areas we’re already leading, such as our proprietary technology and growing electric fleet. It will also enable us to embrace other innovations changing our industry like warehouse automation.”
Guided by Co-Founder and CEO Mark Ang, GoBolt more than doubled revenue from 2021 to 2022, bringing the company to 5,200% growth since 2018. GoBolt has quickly become the go-to sustainability-driven third-party logistics provider (3PL) for leading brands, joining forces with climate-conscious retailers like IKEA, Frank And Oak and Rove Concepts, among other national and global brands who have sought out a customer-centric, tech-forward logistics partner. GoBolt’s vertically integrated supply chain network offers brands a convenient single-point solution for fulfillment and last-mile deliveries. The company’s growing electric fleet is one facet of its ambitious goal to provide carbon negative deliveries, for small parcel up to big and bulky items, by the end of 2023.
“The ability to provide carbon negative, high-capacity solutions, seamlessly integrated with merchant operations is resonating with North American brands,” said Eric Bukovinsky, Partner at Yaletown Partners. “The quality of its product, the scale of its network capacity, and the industry know-how to provide these solutions positions GoBolt in a unique class within the logistics space.”
This round of financing will support GoBolt’s continued growth in Canadian markets, which include Toronto, Montreal, Ottawa, Calgary, and Vancouver, and U.S. markets, which include Los Angeles, Houston, Miami, Atlanta and New York/New Jersey, among others. The funding will be used to further GoBolt’s investments in sustainability, including increasing the company’s electric fleet and charging infrastructure, and enhancements to robotics and warehouse automation.
“GoBolt is a good example of a fast scaling, mid-sized Canadian company that is well on their way to become a global champion,” said Guillermo Freire, Senior Vice President, Mid-Market Group at EDC. “EDC’s investment will help them go, grow and succeed in different international markets, and enable them to meet their carbon negative plans. GoBolt is a company we are proud to support – they not only have ambitious growth plans, but also have sustainability at the forefront of their business model.”
GoBolt’s proprietary technology, vertically integrated model and ambitious sustainability objectives spurred repeat investor interest.
“Ingka Investments is delighted to increase our investment stake in GoBolt and support their continued growth. We are eager to support GoBolt in growing its position as a next-generation logistics company, including increasing their electric fleet of vehicles. It represents another step in enabling all Ingka Group home deliveries to be made by electric or zero emissions vehicles by 2025,” says Peter van der Poel, Managing Director of Ingka Investments.
For more information on GoBolt, please visit www.gobolt.com.