Vaaka invests in digital staffing company Bolt.Works

The GP will look to support efforts to internationalise the company, a digital platform that matches employee(s) with employer(s). The financial terms of the deal were not disclosed.

The business had previously three minority investors: Pension fund Ilmarinen, Alma Career (a division of Alma Media) and PE firm Bocap as well as private individual investors.

The GP claims to support businesses that want to expand internationally, according to its website.

The investment could mark the first or second investment done via Vaaka's recently closed EUR 250m Buyout Fund IV, depending on the timing of the closing of the deal, which is pending competition authority approval.

The fund's predecessor, Vaaka Partners Buyout Fund III, is approaching full deployment following a recent investment in Medbase, a provider of databases to healthcare professionals that help to reduce adverse reactions to drugs, as reported by Unquote.

Company
Bolt.Works was founded by Ville Herva, Timo Hakkarainen and Tommi Hämäläinen in 2016. According to a statement, the company reported revenues of EUR 78m in 2021. The statement also notes Bolt.Works estimate its revenue to reach EUR 100m mark in 2022. The company employs 120 staff and has offices in 22 locations across Finland.

Bolt.Works is a digital staffing platform that harnesses AI to match employers and employees. The platform is used by 7,600 employees and 1,000 employers.

People
Bolt.Works – Timo Hakkarainen (co-founder and CSO).
Vaaka Partners - Antti Salmela (partner).

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• Topics
• Nordics
• Technology
• Expansion
• Venture
• Vaaka Partners Ltd (Formerly Pohjola)
• Finland