Electronic Scooter Platform Voi Bags $85 Million

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Voi Scooter

Swedish electronic scooter sharing company Voi has secured $85 million in a fresh round of financing. The Series B round comes from a number of existing as well as new investors. Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global, and Black Ice Capital are the backers of this round.

Before this round, Voi had raised $30 million in the same Series B round in March earlier in the year. The current infusion takes the total amount raised by Voi to $137.9 million. The firm has not revealed the valuation of the firm.

Founded in 2018 by Adam Jafer, Douglas Stark, Filip Lindvall, and Fredrik Hjelm, the firm now operates the e-scooter service in 38 cities across 10 European countries. The firm intends to use the fresh capital for research and development purposes in order to improve the tech platform of the company and launch the next generation of vehicles.

Fredrik Hjelm while speaking to VentureBeat revealed that they are in profit from their operations in the city of Stockholm and Oslo. “We are on track to achieve this in more of our cities, and that is our aim. At this point, a key focus for us is to ensure we continue to increase the lifetime of our e-scooters, forge key partnerships, and continue to work in those cities which provide the best conditions for a profitable e-scooter business. The key to achieving strong business unit economics is how long our e-scooters last. The new V2 ones should last longer than 18 months, which means that we should be profitable before any future raises," Hjelm said.

Vostock New Ventures' CEO Per Brillioth commenting on the firm said, “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.”

 

Image Courtesy : Balderton Capital

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