Electric Startup Voi Technology Raises $30 Million

Voi Technology

Swedish electric startup Voi Technology continues to impress the investors as it has picked up a fresh $30 million investment from new as well as existing backers. Project A and Creandum joined the existing backers like Vostok New Ventures, Balderton Capital, LocalGlobe and Raine Ventures. Notably, the firm had raised $50 million just 3 months back.

The current round takes the total capital raised by the firm to over $80 million. The other investors who have infused capital in the company include the names like Keith Richman, Justin Mateen, Diego Piacentini, Spencer Rascoff, Sujay Jaswa, and Sujay Tyle along with others.

VOI TeamThe company said that the fresh funds will help them in their Europe expansion plans. At the same time, the fresh funds will also be deployed towards research and development. The firm claims to have more than 4000,000 riders who have taken more than 750,000 rides. The fresh funds will also allow them to start their operations in Italy, Germany, Norway, and France.

Fredrik Hjelm who along with Douglas Stark and Filip Lindvall had started the company commenting about VOI said, "Asking 'permission' before we enter new towns and cities, unlike some of our competitors, means we can work with the authorities on the ground to offer not only a viable alternative to cars. This could also help people to combine their e-scooter journeys with the existing public transport network.”

Interestingly, US-based Lime and Bird who are heavily funded have entered the European markets and that makes things exciting for the local companies. Now, as Voi gets another capital infusion, this will allow them to stay strong against these bigger names.


Image Courtesy : bloomberg, siliconcanals

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