E-scooter start-up Voi Technology raises $115m in Series D funding

Swedish e-scooter start-up Voi Technology has raised $115m in its Series D round, bringing its total funding raised this year to $160m.

The company, which already operates in more than 70 different cities across 11 countries, is one of the many micromobility players looking to expand into the Irish market once the Government formally legalises e-scooters.

In 2021, Voi achieved year-on-year revenue growth of 140pc and the start-up has now raised a total of $430m since it was founded three years ago.

Its latest oversubscribed funding round was led by The Raine Group and VNV Global. New investors included Ilmarinen, Nineyards Equity and ICT Capital, while existing investors Inbox Capital, NordicNinja, Stena Sessan and Kreos Capital were joined by entrepreneurs and operators from King, Avito and Boston Consulting Group.

The funding boost will enable Voi to continue expanding into different markets in the coming years and add more e-bikes to its fleet.

The company aims to drastically reduce the number of car trips taken by offering micromobility services as an alternative. It already sources its e-bikes from Europe and hopes to source its e-scooters locally as soon as it becomes possible to do so. By 2023, Voi plans to use only battery cells produced in Europe, with the aim of slashing its carbon footprint by half.

“There is no doubting that micromobility is here to stay and Voi intends to be the go-to mobility platform in Europe for cities that want to give their residents and visitors an integrated, smart mode way to travel,” said CEO Fredrik Hjelm.

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“Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport.”

Jason Schretter, partner and head of EMEA at Raine Group, said that since his firm first invested in Voi a year ago, the company has extended its leadership position in the region. “We welcome the support of new and returning investors in this round to help advance Voi’s efforts to partner with cities to help make the continent more green.”

Per Brilioth, CEO of VNV Global, added: “Having invested in Voi since day one, we are thrilled to see this three-year-old company establishing itself as the leading, most efficient micromobility operator in Europe. We are reaching a tipping point with micromobility where cities, led by their residents, are waking up to the full potential of this new mode of transport.”

Headquartered in Stockholm, Voi employs around 1,000 people. The start-up has had its eye on the Irish market since 2019, when it raised $85m in its Series B funding round.

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