Swedish e-scooter startup VOI Technology raises $50M, plans expansion in Netherlands and Belgium

Swedish e-scooter startup VOI Technology raises $50M, plans expansion in Netherlands and Belgium

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An e-scooter startup headquartered in Sweden, VOI Technology has grabbed $50 million (€44 million approx) in a Series A funding recently. Leading the round was London-based venture capital firm Balderton Capital along with LocalGlobe, Raine Ventures and previous VOI backer Vostok New Ventures. With this investment, Balderton has entered into the e-scooter market after three of the big London venture capital firms made U.S. investments in the sector.

VOI Technology: An Insight

VOI Technology was founded by Fredrik Hjelm, Douglas Stark, Adam Jafer and Filip Lindvall at Stockholm in the August of 2018. The startup specialises in offering technological assistance to ease traffic-clogged city centres and reduce pollution. Acting as the first-and-last-mile alternative to cars and taxis, the e-scooters by VOI Technology boast a ‘clean, efficient, cost-effective and zero emission’ ride.

How does it work?

Download the VOI app to locate a nearby scooter on the street or via the app’s map, press the ‘ride’ button, scan the VOI QR code and ride anywhere in the city. As of now, the company charges a €1 unlocking fee and a ride costs €0.15 per minute. Further, VOI Technology is collaborating with city authorities to function in a more effective way.

It is to be noted that in a span of just 12 weeks, VOI has served 120,000 users who have taken 200,000 rides; travelling 350,000 km. Going by the figures, VOI is claimed to be Europe’s leading e-scooter sharing company.

Expansion in the Netherlands and Belgium

With the new funding, VOI Technology plans to continue foraying into new European markets with a primary focus on countries like Belgium, the Netherlands, Luxembourg, France, Germany, Italy, Norway and Portugal in the coming months. Also, the e-scooter start-up has spread its roots to Madrid, Zaragoza and Malaga in Spain. Moreover, it is set to recruit country managers for Denmark, Switzerland, Greece, Turkey and Finland.

The company showcases a faith in the future of e-scooters with a hope that the funding will have a positive impact on the European markets and then further across the world.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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