Voi Technology invests in fleet and its people during landmark year for micro-mobility demand as Voi widens gap to competition

July 28, 2021, Stockholm: Voi Technology has this week submitted its full-year results for the year ending December 2020, as required by Swedish law.

2020 was a milestone year for the micro-mobility industry and for Voi as the impact of the Covid pandemic took hold across Europe. In the first half of the year, the business was required by Governments to close with a significant impact on sales. However, in the second half of 2020, as lockdowns eased, e-scooters were more in demand than ever (70% increase YoY) as people chose them as a socially-distanced, low-carbon way to travel around urban areas. This led to a large increase in new users, and to certain country markets, such as the United Kingdom, opening up for the first time. Voi now holds the number one position in licenses not only in the UK market but also overall in Western Europe. The company ended the year with a strong balance sheet and ownership, having attracted significant new world-class investors including The Raine Group.

Voi Technology’s CFO Mathias Hermansson said: “2020 will go down as a landmark year for many reasons but for Voi it will be marked by the shut-down of our business for parts of the year as well as the year where micro-mobility took a huge leap in the hearts and minds of consumers, as well as cities across Europe. The industry is still very young but Covid-19 really accelerated the advent of shared light electric vehicles that will replace heavy fossil fuel cars in our cities over the coming decades.

“We made a step change in investment in 2020 in our people, our technology and our parking and safety solutions, which has continued into 2021 on the back of these structural tailwinds. As evidence that we are on the right path, we are now established as the largest operator in Europe both measured in number of weekly rides taken and in licensed market share with a presence in 70 cities.

“We have been able to secure some of Europe’s biggest and most high-profile tenders for e-scooter operations, we have integrated technology that keeps riders safe and increased both the life-span of our e-scooters and improved the unit economics of our operations.

“While sales recovered strongly in the second half of the year, we were most pleased by the improving profitability in our fleet. In some markets, e-scooters are being used up to 9x a day leading to a strong improvement in unit economics. The investments we are making at this crucial stage in the expansion of the business mean that we have reported a net loss for this year, albeit down 38% on the previous year’s.

“On the back of Voi’s very strong second half in 2020, the company has emerged as the clear leader in the European market, a fact which is underlined by the confidence of international investors including The Raine Group and VNV Global who have extended both equity to the company and enabled Voi to undertake the micro-mobility industry’s first-ever scale asset-backed financing deal in 2020. Voi is now Europe’s biggest e-scooter operator achieving more than 2 million rides a week - more than any other operator and is trusted by more cities and regulators than any other operator, having won more than 45% of licensed market share in Europe - more than twice its closest competitor.”


Kristina Hunter Nilsson 
VP Communications 
Voi Technology, Sveavägen 25, 111 34 Stockholm

[email protected]

About Voi

Founded in 2018, 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 also set a clear agenda for reducing and offsetting emissions.

Voi operates in +60 cities across 11 countries. It is headquartered in Stockholm and employs + 500 people. To date, Voi boasts more than 6 million users and has served  60+ million rides.