Swedish E-scooter Firm Raises $50 Million As It Plans Expansion Across Europe

voi scooter

Stockholm, Sweden-based electric scooter company VOI Technology has secured a Series A investment where it has pouched $50 million. The investment round was led by Balderton Capital. The firm had raised $3 million early in the year.

The round also saw participation from a few top names that include angels like Tinder co-founder Justin Mateen, Amazon’s CEO for worldwide consumer Jeff Wilke, King co-founder Sebastian Knutsson, and Zillow CEO Spencer Rascoff. Vostok New Ventures, LocalGlobe, Raine Ventures also infused capital.

Using the fresh funds, VOI intends to expand their current operations and enter the new markets across Europe including France, Germany, Italy, Norway, Portugal, and the Benelux region. The company currently has about 12,000 users Stockholm and Spain’s three major cities that include Zaragoza and Malaga and capital Madrid.

Fredrik Hjelm, Douglas Stark, Adam Jaffer, and Filip Lindvall had started the firm in August this year. The company calls itself a startup that helps in easing the traffic of the city along with reducing pollution. It says that it offers a “clean, efficient, cost-effective and zero emission” first-and-last-mile alternative to cars and taxis. Users can book a scooter through the VOI app. Ever since the inception, the firm says to have recorded about 350,000 kms in traveling.

Fredrik Hjelm, the CEO commenting about the firm and the challenges said, “We strongly believe that using city streets and infrastructure to do business cannot be done without the full cooperation – and support – of the host city concerned. We have, for example, decided to hold off launching in cities where regulation clearly states that we shouldn’t, whereas some of our competitors have launched anyway only to be kicked out 24 hours later.”

Tier, the Berlin-based e-scooter firm along with Lime, a US-based firm will be giving tough competition to VOI as it plans to explore the markets of Europe.


Image Courtesy : startupmatcher

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