Uber rival European ride-hailing giant Bolt completed a new round of financing at a valuation of more than $8 billion

On January 11, local time, Boult, a competitor of online ride-hailing platform Uber in Europe, announced the completion of a round of financing of $711 million. Founded in 2013 and headquartered in Estonia, Bolt is led by Sequoia Capital and Fidelity Management Research. The latest round of funding has valued it at nearly $8.4 billion, nearly doubling from the time of the previous round of funding last August.

With more than 100 million users in 45 countries across Europe and Africa, Bolt has become a strong competitor to Uber in Europe. The ride-hailing startup has attracted more and more consumers with its lower fees and sparked a series of price wars.

In addition to providing ride-hailing services, the company's business also includes motorcycle rental, car sharing, grocery delivery and more. Bolt is continuing to expand the company's business and plans to expand the service to more cities. The company currently operates in more than 400 towns in Europe and Africa.

Uber rival European ride-hailing giant Bolt completed a new round of financing at a valuation of more than $8 billion. Click on the video to see for yourself!