Swedish micromobility scale-up Voi hits profitability, gets another $30 million and eyes the UK market

Stockholm-based Voi Technology, a pan-European micromobility company, announced it has reached profitability and secured another $30 million in funding from existing investors, after an $85 million round last November. With the new investment, the Swedish business hopes to enter the UK market, where the government is allowing some test runs of e-scooters. The Swedish company saw its first ever monthly profit (at group level) in June, about two years since it launched the e-scooter service which now operates across 40 cities and 11 countries. The company reports that the month’s sales were “remarkably close” to that of June 2019, a testament to a “personal mode of travel that allows people to keep socially distant and avoid crowds.” Much of the growth is attributed to the launch of Voi’s fourth generation proprietary scooter, Voiager V3X, whose in-house design and swappable battery have cut in half the daily charging, logistics and repair costs per scooter. “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,” says Mathias Hermansson, CFO and Deputy CEO. “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.” As for the potential launch in the UK, he expects the business to receive licenses in the next few weeks.

Photo: Mathias Hermansson on a Voi scooter