Swedish micromobility scaleup Voi raises over €38 million to continue revolutionising urban mobility

Today Voi, one of Europe’s leading micro-mobility companies, has raised around €38.1 million in a Series C extension round led by The Raine Group. The funding will help Voi invest in building a sustainable company that will continue to revolutionise urban mobility over the coming decade. This brings the total Series C funding raised by Voi to around €173.6 million. 

Over the past eight months, Voi has become one of the largest micro-mobility operators in Europe. As COVID-19 lockdowns have eased, e-scooters have been more in demand than ever, with the startup reporting on a 70% increase year on year as people chose them as a socially-distanced, carbon-free way to travel around urban areas.

Voi has been well-placed to facilitate this step-change in transport. The Swedish-based company has won more than 40% of the licensed markets in Europe, more than twice its closest competitor. Voi is also high in the ranking for fleet efficiency, with the scaleup stating that they see 40% more rides per vehicle than rivals and are a top European player with 2 million rides per week.  

To capitalize on this operating performance, as well as the accelerated adoption of micro-mobility in cities across Europe, Voi is set to continue to invest in this burgeoning industry. The new funding will allow Voi to continue investing in its e-scooter fleet, R&D in parking and safety solutions including pioneering the use of computer vision software to prevent pavement riding, and expanding its e-scooters and e-bikes offer to more markets. 

Fredrik Hjelm, co-founder and CEO of Voi, said: “Voi has emerged as the clear micromobility leader in the European market, a fact which is underlined by the confidence of our investors. We’ve proven that there is demand for sustainable, carbon-free transport across the continent and we’re delighted to be driving this switch from polluting cars in 70 cities.

We’re now the biggest e-scooter operator achieving more than 2 million rides a week, and we’re trusted by more cities and regulators than any other operator. With this new investment, we will continue to invest in developing our e-scooter and e-bike fleets, pioneering innovative approaches to parking and safety, and advocate for change to help create more liveable cities across the world.”