Stockholm-based micromobility operator Voi has announced a $115 million raise in an oversubscribed Series D funding round. With this raise, Voi now finds itself amongst the unicorn club. The company intends to use the new capital to continue expanding into new markets in the coming year, roll out more of its e-bike offer, and introduce the Voiager 5, a new model that incorporates Dublin’s Luna Systems' technologies. This round arrives just four months after the firm announced the close of its Series C round at $205 million.
It’s been a banner year for Voi. With cities under more pressure than ever to increase micro-mobility options, the Swedish firm is posting a 140% year-on-year revenue growth rate, and the win of more city tenders than any other operator in Europe. The company is active in some 70+ cities in 11 countries and counts 6 million users that have completed 90 million rides.
And while Voi has provided with a healthy supply of carbon-reducing e-scooter and e-bike transportation options, the company isn’t quite done yet. It would appear that the company still has a few tricks up its sleeve, and intends to have, “fully electric operational vehicles by early 2023.” Now just what exactly that statement means, we’ll have to wait and see. But for now, Voi has committed to using only battery cells produced in Europe by 2023, a factor that will result in a 50% lower carbon footprint. And last but not least, Voi already sources its e-bikes from Europe, and has signaled that it will be doing the same for its e-scooters division as soon as possible.
“There is no doubting that micromobility is here to stay and Voi intends to be the go-to mobility platform in Europe for cities that want to give their residents and visitors an integrated, smart mode way to travel,” comments Voi CEO and co-founder Fredrik Hjelm. “Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport. We are building the future of transport and we are committed to making every Voi city a better place to live.”
Voi’s $115 million Series D round was led by The Raine Group and VNV Global, and saw participation from new and existing investors including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards Equity and ICT Capital, and others. Angel investors from King, Avito, BCG, and others also participated in the round.
“Having invested in Voi since day one we are thrilled to see this three-year-old company establishing itself as the leading, most efficient micro-mobility operator in Europe. We are reaching a tipping point with micro-mobility where cities, led by their residents, are waking up to the full potential of this new mode of transport. Fully integrated with public transport, sustainably sourced and powered by renewable energy, Voi is putting itself far ahead of the competition as the grown-up, responsible operator-partner for cities,” commented VNV Global CEO Per Brilioth.