● Round was led by Vostok New Ventures with participation from Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital, among others
● VOI has raised $135m in total since 2018 and has over 4 million users who have taken more than 14 million rides
● Plans for the latest funding include increased focus on unit economics, and profitability which will be achieved alongside increased R&D to improve VOI’s technology platform and the launch of a next generation of vehicles
London & Stockholm, 11th November 2019 – VOI Technology, Europe’s leading home-grown e-scooter operator from Sweden, today announced that it has raised $85m from new investors and existing to continue its mission of building a profitable micro-mobility business that transforms the future of urban transport.
This new funding takes the total VOI has raised to $135m. Since its launch in September 2018, VOI has evolved from a startup to a visionary transport operator whose micro-mobility products are shaping cities in Europe.
The e-scooter operator will use the funding to continue building a profitable business in existing and new cities where it operates. Moreover, the capital will enable greater investment in R&D of VOI’s in-house developed technology platform and next-generation vehicle lineup, leading to a quantum leap forward in customer experience, unit economics and operational excellence. The funds will accelerate expansion of the micro-mobility company’s product portfolio, allowing VOI to further monetise and strengthen its business operations and it s position as the leading European micro mobility service provider. Voi has already reached profitability in several cities.
Fredrik Hjelm, CEO and co-founder of VOI said: “There’s been a huge demand for VOI’s e-scooters from residents across Europe in the last 12 months but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient and also fun. We have seen the strongest unit economics of all of our peers and will continue to optimize and invest in that.”
VOI’s success stems from its collaborative approach to regulation, safety and sustainability which sees it work closely with city authorities, other transport operators and policy makers to build a long-term vision to integrate e-scooters into transport networks across Europe. It has secured more licences to operate from cities than any other operator, including several exclusive licenses.Since its inception in 2018 VOI has expanded from its Stockholm base to operating in 38 cities across 10 European countries. Following launches in Berlin, Munich, Hamburg, Helsinki, Oslo, Nuremburg, Düsseldorf, Marseille, Bordeaux, Odense, Tampere, Turku and Winterthur this year, VOI has achieved 4 million registered users, who have taken over 14 million rides.
Per Brilioth, CEO Vostock New Ventures, said: “VOI is only at the start of developing micro-mobility based on Swedish values right across Europe. In Germany, in particular, there is a huge market to go for. We are excited that this additional funding will enable the company to introduce a new generation of e-scooters that are clean, good-looking and safe, enabling people to get around the cities they love quickly and easily.”
Goldman Sachs International acted as exclusive Financial Advisor and Placement Agent in connection with the funding round. Hansen Law acted as Voi’s legal advisor.
Voi is a Scandinavian green mobility company offering electric scooter sharing in partnership with cities and local communities. We believe e-scooters can play a central role in changing how people move in our cities in the future. And we want to make sure that the transformation happens the right way - through real innovative technology, open and transparent dialogue with cities and Governments and by adapting our product to local needs. Jump on a scooter whenever and ride wherever in the city in just minutes.