European Uber rival Bolt valued at $8.4 billion in new funding round

LONDON — The competition is getting tougher for Uber in Europe.

Estonia-based ride-hailing start-up Bolt said Tuesday it has raised 628 million euros ($711 million) in a new funding round led by Sequoia Capital and Fidelity.

The investment, which was also backed by Whale Rock, Owl Rock and some of Bolt’s existing investors, values the eight-year-old company at 7.4 billion euros — or about $8.4 billion — up from nearly $4.8 billion just five months ago.

“Cities increasingly see that they want to switch over from private car ownership” to ride-hailing and other “shared mobility” options like electric scooters and car-sharing,…