Bolt, the leading European shared mobility platform, has acquired Denmark’s top-performing taxi company, Viggo, in its first-ever acquisition. This strategic move, announced on March 24, 2025, marks Bolt’s entry into the Danish taxi market and significantly expands its presence in regulated European markets.
Bolt is an Estonian mobility company founded in 2013 by Markus Villig. After receiving a €5,000 family loan, he built the app prototype while recruiting drivers on Tallinn’s streets. The company now operates in over 50 countries and 600 cities worldwide, providing shared mobility services — including taxis, scooter and e-bike rental, and car rental — to more than 200 million lifetime customers.
Since its founding, Bolt has raised $2 billion across 11 funding rounds, reaching a peak valuation of $8.4 billion. In May 2024, the company received €220M in debt from Barclays, Goldman Sachs, Deutsche Bank, JP Morgan, LHV Group, Luminor Bank, Citibank, and BNP Paribas. In 2024, Bolt reported revenue of €1.7 billion, a 37.4% increase from the previous year, though it posted an EBIT loss of €94.2 million. Driving services dominate Bolt’s business at 82% of revenue, while rental services and delivery each contribute about 9%.
Viggo, founded in 2019, secured €3.27 million in March 2025 from Norway’s Link Capital and Canadian investors. The company projected 2024 revenue of €47 million, representing 25% growth. Its asset-light model combines ride-hailing with proprietary ultra-fast charging hubs (ViggoEnergy), making it Denmark’s third-largest mobility provider.
Bolt’s first acquisition: Why Viggo?
Bolt’s decision to acquire Viggo, a premium electric taxi service in Denmark, was influenced by Viggo’s unique selling points. Founded in 2019, Viggo operates over 300 high-quality electric vehicles and employs more than 500 professional drivers, serving about 450,000 users in Copenhagen and Aarhus. Through its all-electric fleet, the company has earned a strong reputation for premium service, high customer satisfaction, and sustainable mobility.
While the deal amount remains private, Viggo’s 2024 revenue projection of €47 million suggests a 2–3x revenue multiple, similar to Lime’s 2024 acquisition of Dott at 2.8x. Bolt likely used its 2022 Series E proceeds ($355 million) for this acquisition, following its mandate to pursue “strategic acquisitions” in Europe.
This acquisition allows Bolt to rapidly launch and scale ride-hailing services in Denmark, complementing its existing e-bike rental operations in Copenhagen. The move marks a significant shift for Bolt, which previously focused on organic growth rather than acquisitions.
“We are not entering Denmark as a small player — we are acquiring the best-performing taxi company in the market,” said Lars Speekenbrink, Regional General Manager of Northern Europe at Bolt. “Viggo has set the standard for premium service, customer satisfaction, and a fully electric fleet, and we are excited to build on that success.”
Expansion strategy: what’s next for Bolt?
Before this acquisition, Bolt maintained what founder and CEO Markus Villig called “a very high bar for M&A.” Though the company examined dozens of mobility companies, none had met its acquisition criteria until now.
Bolt’s main competitors include Uber (which re-entered Denmark in 2025 through Taxi 4×27), inDrive, and ElectricPe. The company distinguishes itself through integrated services and cost efficiency, offering driver commissions 10–15% lower than Uber’s in key markets.
While Bolt was “constantly looking” for promising startups to acquire, none had previously met its strict criteria — until Viggo. Alongside the Viggo acquisition, Bolt partnered with Taxi 4×27, adding their 600-vehicle fleet to its platform. This dual acquisition and partnership strategy demonstrates Bolt’s thorough approach to entering the Danish market.
For Viggo drivers and customers, Bolt’s acquisition promises continuity. Bolt is committed to maintaining Viggo’s premium experience and all-electric service for customers, ensuring that the high standards set by Viggo will be upheld.
The deal establishes a template for Bolt’s M&A strategy ahead of its rumoured 2026 IPO. Potential targets include Germany’s FEMON-regulated markets or France’s ZFE-mobility zones. For Viggo, joining Bolt’s ecosystem provides cross-platform data to optimise charger placement and ride-sharing routes.
The Danish mobility landscape
Denmark’s ride-hailing market has had a complex evolution. After strict taxi regulations forced Uber to exit Copenhagen in 2017, the company only returned in January 2025 through a partnership with Drivr.
While competitors faced challenges, Viggo thrived in the Danish market by blending regulatory compliance with innovation. As one Reddit user commented, “Viggo is the closest to the Uber experience you can get” in Denmark.
Viggo transformed Denmark’s taxi sector through three key innovations: operating as a licensed “kørselskontor” (ride-hailing office) to ensure regulatory compliance; deploying an all-electric fleet with CO₂ trackers that reduced emissions by over 1,800 metric tons annually; and eliminating pricing uncertainty with its Tesla-dominated fleet and fixed rates. It earned a remarkable 4.9/5 app rating compared to Taxa 4×35’s 4.3.
This acquisition propels Bolt’s European expansion strategy. The company plans to integrate Viggo’s operations seamlessly with its Copenhagen e-bike rental service.
The deal strengthens Bolt’s foothold in regulated European markets while advancing its vision for multi-modal transportation. Success hinges on maintaining Viggo’s exceptional 92% driver retention rate during the technology integration, a significant challenge considering Bolt’s 25% driver churn in Poland in 2023. If successful, the Danish operation could serve as Bolt’s blueprint for entering other regulated markets, with Oslo and Amsterdam as likely candidates.
The post Estonian unicorn Bolt acquires Danish taxi startup Viggo, plans IPO for 2026: Here’s what we know appeared first on Tech Funding News.