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Ride-hailing firm Bolt has raised $713 million in fresh funding.

In a statement, the European firm says it will use the funds to accelerate the expansion of its existing mobility and delivery products across its markets.

“The funds will go into expanding the company’s network of ride-hailing services, food delivery and micro mobility in Africa and Europe,” the company said.

According to the firm, these include investments towards enhancing safety features on the platform for drivers and riders, deepening vehicle ownership initiatives, driver and courier empowerment and sustainability projects.

Bolt will also use the funds to boost its new under 15-minute grocery delivery service, Bolt Market recently launched in Europe.

The new investment round now values Bolt at about $4.75 billion, which is more than double its last private valuation of $2 billion.

The funds were backed by new investors who include Sequoia, Tekne and Ghisallo, as well as Bolt’s …