Ingka Investments has increased its investment stake in GoBolt, a Canadian technology-enabled logistics and last-mile delivery provider. This latest investment will enable GoBolt to further grow their operations in existing markets, Canada and the US, where they have been working with IKEA Retail as a last mile delivery partner, deploying zero emission electric vehicles (EVs) in several locations.
This follow-on investment will continue to support GoBolt in providing services that make last-mile customer deliveries more accessible and affordable and improve the environmental impact of last-mile deliveries. Ingka investments made a minority investment in November 2021 and this new CAD $75 million / EUR 55 million series C investment round by new and existing investors, will enable the company to increase its electric fleet, add enhancements to its warehouses through robotics, and continue to hire to provide best-in-class service to customers.
“Ingka Investments is delighted to increase our investment stake in GoBolt and support their continued growth. We are eager to support GoBolt in growing its position as a next-generation logistics company, including increasing their electric fleet of vehicles. It represents another step in ensuring all Ingka Group home deliveries are made by zero emission vehicles by 2025,” says Peter van der Poel, Managing Director of Ingka Investments.
“GoBolt has always taken pride in being an innovative force within an antiquated industry – we’re constantly keeping an eye on what’s next while also creating a more sustainable future for the logistics industry. This round of funding will help us lean farther into the areas we’re already leading, such as our proprietary technology and growing electric fleet. It will also enable us to embrace other innovations changing our industry like warehouse automation,” says Mark Ang, CEO and Co-founder of GoBolt.
The additional investment in GoBolt is the latest in a series of investments by Ingka Investments that will strengthen the IKEA Retail core business operations. Ingka Investments invests in innovative companies in areas such as digitalization, customer fulfillment, circularity, and renewable energy.
As the biggest retailer in the IKEA franchisee system, Ingka Group has an important part to play in reducing the overall IKEA climate footprint through its operations, customer deliveries, and customer travel, as well as providing circular services to customers.
As a multinational business, IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels. This includes a commitment to become climate positive by 2030*, through reducing more greenhouse gas emissions than the total IKEA value chain emits, while growing the business and a commitment to reach net-zero by 2050 at the latest.
Read full GoBolt announcement here.
Read more about Ingka Group’s sustainability performance and commitments in the Annual & Sustainability Summary report – Reporting | Ingka Group.
*IKEA climate positive means to reduce more greenhouse gas (GHG) emissions than the IKEA value chain emits by 2030, while growing the IKEA business. IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels. This includes a commitment to halve the absolute net GHG emissions from the total IKEA value chain by 2030. We will achieve this by drastically reducing GHG emissions through science-based targets and by removing carbon from the atmosphere through natural processes and storing it in land, plants and products through better forest and agriculture management within the IKEA value chain. We will contribute to further greenhouse emission reductions in society by going beyond IKEA, such as enabling customers to generate renewable energy at home. Read more about the IKEA commitment here.
About Ingka Group:
With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on Ingka.com.
Founded in 2017, GoBolt is a technology company building the first sustainable and vertically integrated supply chain network that partners with merchants to deliver a complete end-to-end customer experience. By operating as an extension of each merchant’s team, GoBolt provides reliable warehousing, pick and pack, shipping, and last-mile delivery. With a growing network of warehouses across North America and a suite of proprietary apps designed and supported by an in-house engineering team, GoBolt unlocks enhanced transparency and control for merchants. The company’s focus on customer-centricity is further driven by a deep commitment to sustainability. GoBolt’s investment in its electric vehicle fleet is a testament to the company’s mission to provide carbon negative deliveries by the end of 2023. For more information, visit GoBolt.com.