IKEA’s Investment Arm Buys into Bolt Logistics as Part of Series B Round

Original Article, M. Simpson, betakit.com, November 8, 2021

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.

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