The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Bolt; The Most Insane Story in Startups | Turning a $5K Loan into an $8BN Company | Why Every VC Turned Down One of Europe's Biggest Winners | Competing with Uber & The Future of Micromobility and Self-Driving

Nov 13, 2024

Markus Villig, Founder and CEO of Bolt, transformed a $5K family loan into an $8 billion global mobility platform. He recounts how he navigated early rejections from major VCs and the unconventional strategies that led to Bolt's rapid expansion. Markus shares insights on finding co-founders, capital efficiency, and the importance of adapting to market demands. He also dives into the challenges of hiring, the thrills of competing with giants like Uber, and the future of micromobility, including self-driving technology and electric scooters.

01:29:09

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Markus Villig

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Quick takeaways

Markus Villig's entrepreneurial journey with Bolt began at 19, driven by a desire to innovate within the transportation sector before Uber's emergence.

Despite significant initial traction, Bolt faced consistent VC rejections, relying on a real estate company for essential early funding to survive.

The company's unique expansion strategy included targeting underserved Latin American markets and utilizing data analytics for rapid scaling without physical presence.

Bolt maintains a frugal culture even after raising substantial capital, emphasizing efficient operations and strategic investments to achieve long-term profitability.

Deep dives

Overcoming Initial Investment Rejections

Despite achieving significant revenue growth, Bolt faced repeated rejections from top-tier venture capitalists across Europe. The company initially scaled from zero to 2 million ARR within 18 months, followed by reaching 10 million ARR in the next 18 months. Even at the point of attaining about 25 million ARR while experiencing rapid growth, potential investors were still reluctant to engage. The pivotal funding came unexpectedly from a local real estate firm, which allowed the company to stay afloat and eventually thrive.

Intro

4min

Navigating Early Entrepreneurship in Transportation

15min

Capital Efficiency and Strategic Expansion

15min

Key Metrics for Success in Transportation Startups

6min

Navigating Rapid Expansion

18min

Rapid Investment and Its Impact on Brand and Talent

2min

Navigating the Challenges of Hiring and Team Building

2min

Navigating Europe's Tech Landscape

4min

Navigating Micromobility and Future Innovations

18min

10.

Health Habits and Industry Insights: A Contrarian Perspective

2min

11.

The Future of Transport Marketplaces and Innovation Insights

4min

Markus Villig is the Founder and CEO of Bolt, a global mobility platform with more than 200 million lifetime customers in more than 50 countries and 600 cities. Bolt has raised over €1 billion in funding from investors like Sequoia, D1 and G Squared, making Markus the youngest founder of a billion-dollar company in Europe.

In Today’s Episode with Markus Villig:

1. Starting an $8BN Company:

How did Markus come up with the idea for Bolt before Uber existed?
How did Markus find his co-founder? Why did 30 people turn down the chance to co-found Bolt? What are Markus’ biggest tips on finding a co-founder?
How did Markus use a $5K loan from his parents as the pre-seed round?
How did Markus get the first riders for Bolt? What worked? What did not work?
How did Markus get the first driver for Bolt? What worked? What did not work?

2. Expanding to be a Global Champion:

How did Markus expand Bolt to $10M in ARR on just $1M of funding?
What did the international expansion playbook look like? What worked? What did not work? How has it changed over time?
What one simple change led to their becoming the leader in Africa?
What was the best country to launch? What was the worst?
What is the most profitable country today? What is the least?

3. The $8BN Company that no VC Wanted to Fund:

Why did every large VC in Europe turn down Bolt early on?
How did a real estate company in the Baltics save Bolt with lifeline funding?
When did Sequoia come into the mix? Does Sequoia move the needle for your company when they invest?
How do New York financially driven investors differ to the traditional VC ecosystem?
What would Markus most like to change about the world of VC?

4. The Future: Micromobility, Self-Driving Cars, Uber:

Will the rise of self-driving cars harm or help companies like Bolt and Uber?
What is the future for micromobility? Does it cannibalise the core business for Bolt and Uber?
What is Uber better at Bolt doing? What are Uber worse at than Bolt? How will that change moving forward?
Waymo, buy or short? Why?

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Bolt; The Most Insane Story in Startups | Turning a $5K Loan into an $8BN Company | Why Every VC Turned Down One of Europe's Biggest Winners | Competing with Uber & The Future of Micromobility and Self-Driving

Episode guests