Stockholm-based Voi Technology, a micro-mobility startup that provides electric scooters for last-mile transportation, has suffered a dip in the value of its share capital.
A financial report published by VNV Global reveals that Voi is currently valued at around $84M (approximately €77M) as of December 31, 2022, down by 63 per cent from $226M (approximately €208M) December 31, 2021.
“Voi keeps on performing well, but the peer group we use when marking the company on a valuation model has collapsed this quarter, resulting in a large write-down of the company,” says VNV’s CEO Per Briloth.
As of December 31, VNV Global values its 23.1 per cent ownership in Voi Technology at $83.7M
Despite the dip in the valuation, Voi closed Q4 2022 as its best Q4 to date in terms of revenues and gross profit margins. Additionally, the company also won the first-ever tender in Sweden issued by the city of Gävle, where Voi will operate exclusively.
The report also states that the company closed its Q3 2022 close to full company EBITDA break-even. It reduced its fixed cost base in December to take the company to EBITDA profitability in FY2023.
“On the regulatory front, Voi continues to be the operator with the highest regulated market share in Europe,” shares the report.
“We are seeing city after city in Europe move towards a regulatory model where cities issue tenders that operators can apply for and where typically 1–3 operators are selected based on several criteria such as safety, sustainability, and parking. Voi has won most of the tenders in which it has participated in Europe to date,” states the report.
In December 2022, the Swedish company laid off 130 roles across Europe, accounting for 13 per cent of its global workforce, to adapt to an increasingly tight capital market and accelerate the path to profitability.
In June, the company laid off 35 roles, accounting for 10 per cent of the workforce, to reduce the overall HQ cost base. The company also added that it is not anticipating any capital raises in the foreseeable future.
Voi Technology: What you need to know
Founded in 2018 by Adam Jafer, Douglas Stark, Fredrik Hjelm, and Keith Richman, Voi Technology offers e-scooter-sharing services in partnership with cities and local communities.
The company also says it will use only battery cells produced in Europe by 2023, resulting in a 50 percent lower carbon footprint.
The Swedish company operates in more than 100 cities across Europe.
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