Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

Swedish e-scooter startup Voi is all geared up for UK launch, secures €26.3M funding

Akansha Srivastava by Akansha Srivastava
July 16, 2020
in News, (Crowd)funding, COVID-19, Startups, Travel & Mobility
0
Swedish e-scooter startup Voi is all geared up for UK launch, secures €26.3M funding
47
SHARES
LinkedInTwitterWhatsAppFacebook

Sweden-based Voi Technology AB (“Voi”), the pan-European micro mobility startup, today announced that it has reached its first ever monthly profit at group level for the month of June 2020. Less than two years since it launched the e-scooter service now operates across 40 cities and 11 countries.

Double-digit margin

Voi revealed that in June 2020 it achieved a double digit EBITDA margin, marking a strong return to Europe’s streets for the European electric micro-mobility provider after months of disruption due to the coronavirus pandemic. The margin was achieved on sales in June that were remarkably close to sales seen in June 2019, indicating that scooter riders are returning in number to this personal mode of travel that allows people to keep socially distant and avoid crowds.

 - Partner content -
Cost of software - The Software house
The cost of building software
Marek Gajda, CTO of The Software House, shares his insights on building high-quality...Show More
Marek Gajda, CTO of The Software House, shares his insights on building high-quality software. Show Less
Read more

Full year figures for 2019 show that Voi’s revenues accelerated by almost fifty-fold during its first full year of operation, reaching SEK 317m. At the same time, Voi’s employee numbers rose from 31 at the end of 2018 to 409 at the end of 2019. Full year results for 2019 for Voi Technology AB 2019 are filed today.

The rapid growth of the company has been supported by investments from committed shareholders, allowing Voi to launch successfully in all of Europe’s biggest e-scooter markets including Germany, France, Switzerland, Austria, Italy and Scandinavia. Following the last capital raise in November 2019, Voi focused firmly on strong unit economics and achieving operational excellence. 

At the centre of its strategy was the decision to invest in the fourth generation proprietary scooter, Voiager V3X, designed in-house. The roll-out of the new scooter, with a swappable battery, has been game changing for the company, driving a more than 50% reduction in lower daily charging, logistics and repair costs per scooter. At the same time, the company increased its investments to become the most efficient micro mobility operator in the world through data driven analytics and machine learning capabilities. Another initiative saw the company launch a resale programme for refurbished scooters, facilitating the efficient recycling of capital in line with its sustainability targets. To date over 10,000 scooters have been sold. 

Foray in UK market

Voi has also seen a paradigm shift in the operating environment. Following the Covid-19 lock-downs, the regulatory environment in many countries has improved significantly and decision makers are embracing new modes of transportation. Consumer behaviour is also changing, accelerating the use of multiple modes of transportation around cities. 

On the back of Voi’s strong financial performance and renewed appetite from policymakers for new forms of transport to relieve capacity constraints on public transport, Voi’s main shareholders are supporting the company to invest further in these new opportunities, including the opening up of the UK market, potentially Europe’s biggest yet.

€26.3M funding agreement

The company has signed a funding agreement with existing and new shareholders which will raise up to $30 million (€26.3 million). VNV Global Ltd. led the round accompanied by more than 20 existing shareholders. In addition, a select number of new shareholders were also invited to participate. 

The additional funds raised will be used to enable expansion into new markets, including the UK and to focus even further on efficiency enhancing initiatives. The company continues to target 2021 as its first full year of profitability. 

“Coronavirus reset our industry to our long-term benefit and we are equipped to capitalize on the strong traction we see post-Covid-19. The incredible performance of our new e-scooter V3X has exceeded our expectations and we are now reaping the benefits of the structural improvements in unit economics that we have been working towards. The new generation scooters will make it possible to break-even at lower prices and lower utilization levels, paving the ground for the widespread adoption of e-scooters in Europe’s cities, on which we are entirely focused,” says Mathias Hermansson, CFO and Deputy CEO of Voi Technology.

“The performance this year bodes well for our launch in the UK where the Government has fast-tracked the launch of e-scooters in cities across the country, as a way of allowing socially distant travel. We expect to be awarded licenses in the next few weeks bringing micro-mobility to UK towns and cities for the first time and we are now strongly capitalized for this undertaking. We have seen huge interest from UK authorities in how Voi can work with them to launch this new form of low-carbon transport that replaces car use in urban areas.” 

“It has been a tough first half to the year, but we are very happy to report the progress Voi has made so far after all the hard work put in by our colleagues to make Voi the most efficient fleet operator across Europe. Monthly profits is a huge milestone not only for us, but for the entire industry which has attracted much scepticism in the last year.” 

— Press release

Main image credits: Voi

close

Want to stay on top of the latest rounds, coolest tech and hottest startups?

Subscribe to our free, daily news blast and stay up-to-date!

Check your inbox or spam folder to confirm your subscription.

 - Partner content -
Nebula CTO Andre Witte
Cloud spend management 😱
Tracking cloud spend can be tricky. Learn from Nebula's CTO Andre Witte how to keep the...Show More
Tracking cloud spend can be tricky. Learn from Nebula's CTO Andre Witte how to keep the costs at bay in 2021. Show Less
Read more
Tags: featuredfundingSweden
Share3Tweet11SendShare21

Featured events

07apr10:0012:30FeaturedWorkshop: pr for startupsHow to grow your startup with the help of public relations

Partner content | Work with us

The Humblebrag launches online course to help emerging leaders amplify their visibility and voice

Blue Tulip Awards announce 5 finalists in the Food & Water and Education & Employment theme

Impact media foundation 5 Media offers grants up to €100,000 per year to drive a sustainable future

Here’s how cryptocurrency will take over the world

Blue Tulip Awards is driven by purpose: why innovation and equality go hand in hand

Breaking news from Amsterdam | Partner

Amsterdam-based Founda Health raises €12.3M to build infrastructure for global healthcare sector; here’s how

Combining financial with human capital in Amsterdam: Volta, LevelUp and Tech Rise on their approach

Here’s why Just Eat Takeaway is expanding its offices in Amsterdam

Amsterdam-based Veylinx uses Nobel Prize-winning approach to solve the problem of unreliable survey data; raises €1.6M

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy policy
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2020 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdam
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact

Silicon Canals 2014-2020 | Website: Bright Idiots

X

This website uses cookies to ensure the best possible experience. We may share this information with our advertising and analytics partners. By clicking 'Accept', you agree to our use of cookies and similar technologies. More info