Micromobility operator Voi raises $25M and gains traction in new cities

Today, micromobility operator Voi announced that it had raised $25 million in an oversubscribed financing round. Additionally, the company has secured additional debt financing for vehicles. 

In conjunction with the round, approximately $85 million of convertible loan notes from 2021 have been converted to equity. Since its founding, the company has raised $540.6 million 

The financing round follows a strong 2023 for Voi, with a record-breaking number of more than 68 million rides. During the year, the company also won tenders in various European cities such as London, Vienna, Oslo, Milan, and Marseille.

Fredrik Hjelm, CEO of Voi, stated: 

"Over the past two years, our revenue has grown by nearly 50 per cent, our gross profit has more than doubled, and we've reduced overhead costs by almost 50 per cent.

In 2023, we achieved our first quarter of positive EBIT at the group level, and we remain focused on our commitment to achieving full profitability and positive cash flow.

We've seen remarkable efficiency gains and have a suite of products and operational processes ready for rollout to further accelerate that progress.

Looking ahead, we see numerous promising opportunities as cities pivot from being car-centric to driving sustainable mobility, and consumers increasingly integrating micromobility into their daily routines. We are just getting started."

Existing shareholders, including VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital and others, including founders and employees, participated in the round. 

Per Brilioth, CEO of VNV Global, said:

"We've been proud partners with Voi from the very beginning, and we continue to be impressed by the team's exceptional execution.

Over the past few years, the team has transitioned from hypergrowth to sustainable growth, demonstrating industry-leading efficiency and a remarkable track record with both riders and cities.

Voi continues to spearhead the transformation of mobility across Europe, and we're excited to participate in this funding that will take Voi to profitability. We look forward to continuing supporting Fredrik and the team."

Jason Schretter, head of EMEA for the Raine group, said:

"Accelerating consumer and government adoption of micromobility is creating solutions to congestion and pollution challenges throughout Europe.

Voi's unwavering commitment to creating an exceptional and safe user experience while forging collaborative partnerships with cities has established the company as a clear industry leader.

We are excited to participate further in Voi's journey as the team's operating scale and efficiency capture the promise of the sector."

With the new financing, Voi will expand its fleet in existing and new markets with its 3rd-generation e-bikes and 7th-generation e-scooters during spring 2024. 

Furthermore, Voi will further improve its environmental impact, working with cities to increase sustainable mobility options, ensuring safety for its riders and other road users. 

Lead image: Voi. Photo: uncredited.