Voi raises $45 million in Series C extension round to invest in building a sustainable micro-mobility company
· Voi extension funding round brings total Series C funding to $205M.
· The new funding was led by The Raine Group and existing investors including VNV Global participated alongside new reputable investors.
· Voi is now the largest micro-mobility operator in Europe with both the most number of rides and the most scooter licenses of all operators.
· Voi will use the funding to continue to invest in its e-scooter fleet, R&D in parking and safety solutions, and rolling out e-bikes across more locations.
Stockholm, 06 August 2021 – Voi, Europe’s leading micro-mobility company, has raised $45 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 $205M.
Over the past eight months, Voi has become the largest micro-mobility operator in Europe. As Covid-19 lockdowns have eased, e-scooters have been more in demand than ever with 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 is the number one for market share - winning more than 40% of the licensed markets in Europe, more than twice its closest competitor. Voi is also the number one for fleet efficiency with 40% more rides per vehicle than rivals; and the number one 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.”
Kristina Hunter Nilsson
Voi Technology, Sveavägen 25, 111 34 Stockholm
Voi is a Swedish micro-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 products to local needs. Jump on a scooter whenever and ride wherever in the city in just minutes — completely carbon-neutral. Voi has been a carbon-neutral company since January 2020 and has adopted the United Nations’ Sustainable Development Goals (SDGs) as a guiding framework and has set a clear agenda for reducing and offsetting emissions.