Helsinki-based Vapaus, a company specialising in employee bike benefits, announced on Thursday that it has secured €10M in a Series A funding round led by Shift4Good.
Other investors, including Tesi (officially Finnish Industry Investment Ltd) and European Investment Bank’s co-investment facility EGF and SuperHero Capital, participated.
The announcement comes as Vapaus has grown sixfold in two years and won gold in the European Startup Prize for Mobility 2023.
The company plans to use the funds for international expansion, breaking into the Swedish market, improving platform automation, and transforming the financing model to enhance the overall employer experience.
“Earlier this year we announced a €15M loan arrangement which can be complemented by further optional extensions in the coming years. The equity-based financing announced today can potentially unlock a total of €50M funding for Vapaus”, continues Era.
Vapaus Bikes: Pioneering Employee Benefit Bikes
Led by Tero Era, Vapaus Bikes Finland has been a pioneer in the Employee Benefit Bikes sector since late 2020.
“Sustainable mobility is at the heart of Vapaus. Cycling is an important part of future mobility and with electrification, the role of bicycle is growing and diversifying globally. Our offering combines mobility, digital solutions, and welfare development interestingly. We are happy to have a combination of international and Finnish investors on board to support our growth”, says Tero Era, CEO of Vapaus.
According to the company, employee bike benefit is a way to offer your employees a cost-effective and risk-free way to get a bicycle that they can use for any type of riding.
Vapaus has automated the entire process of employee benefit bikes through its technology platform covering payroll, invoicing, logistics, insurance, and financing.
The investor
Shift4Good is an impact venture capital fund focused on the decarbonisation of the transportation sector.
It aims to invest in the transport of goods and people, which alone accounts for around 20 per cent of global CO2 emissions. Shift4Good has offices in Paris and Singapore.
Yann Marteil, the Co-Founder & Managing Partner of the lead investor Shift4Good says, “We are excited to confirm Shift4Good’s investment in Vapaus and look forward to supporting the growth of the company in the coming years. The quality of the team, the clear vision on impact and sustainability, and the ambition in terms of development were the main signals for Shift4Good to decide to financially accompany and support the company.”
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