VOI Technology, one of Europe’s leading e-scooter operators, today announced that it has raised €77 million from new investors and existing to continue its mission of building a profitable micro-mobility business that transforms the future of urban transport. This Series B round takes the total VOI has raised to over €122 million. Since its launch in September 2018, VOI has evolved from a startup to a pioneering transport operator whose micro-mobility products are shaping cities in Europe.
The Stockholm-based startup 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, operational excellence and sustainability performance. The fresh capital will accelerate expansion of the micro-mobility company’s product portfolio, allowing VOI to further monetise and strengthen its business operations and its 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, commented: “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.”
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 of Vostock New Ventures, stated: “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.”