Swedish e-scooter startup Voi Technology raises €77M, plans to launch next-gen of vehicles

In the recent past, e-scooters have gained more popularity since people look for ways to get around cities faster during congestion. There are lots of startups across the globe, offering scooter sharing to ease congestion and pollution brought by cars. 

Voi technology, a Scandinavian green mobility company, offers an e-scooter sharing service in partnership with cities and local communities. Recently, the e-scooter operator from Sweden has raised $85 million (€77 million) funding. So far, Voi has raised $135m in total since 2018.

It was a Series B round led by Vostok New Ventures with participation from Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital, among others.

With the latest funding, the startup plans to increase focus on unit economics, sustainability and profitability which will be achieved alongside increased R&D to improve VOI’s technology platform and the launch of the next generation of vehicles.

Fredrik Hjelm, CEO, and co-founder of VOI said: 

There’s been a huge demand for VOI’s e-scooters from residents across Europe in the last 12 months, but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient, and also fun.

Per Brilioth, CEO Vostock New Ventures said:

 VOI is only at the start of developing micro-mobility based on Swedish values right across Europe. In Germany, in particular, there is a huge market to go for. We are excited that this additional funding will enable the company to introduce a new generation of e-scooters that are clean, good-looking, and safe, enabling people to get around the cities they love quickly and easily.

Notably, the company is also focusing on excellent customer service, unit economics, sustainability performance, and operational excellence. It’s worth mentioning that Voi has already reached profitability in several cities.

The e-scooter startup  owns, operates, and manages electric scooters for urban commuters in 38 cities across 10 European countries. Headquartered in Stockholm in Sweden, Voi Technology was founded by Douglas Stark, Filip Lindvall, Adam Jafer, and Fredrik Hjelm in 2018.

Following launches in Berlin, Munich, Hamburg, Helsinki, Oslo, Nuremburg, Düsseldorf, Marseille, Bordeaux, Odense, Tampere, Turku and Winterthur this year, Voi has achieved 4 million registered users, who have taken over 14 million rides.

Image credits: Voi Technology

Stay tuned to Silicon Canals for more European technology news.