VOI raises another $85 million to lead e-scooter market in Europe

VOI, the Swedish e-scooter operator, has announced $85 million in Series B funding. The round, led by Vostok New Ventures, was joined by many other investment firms: Balderton Capital, Creandum, Project A, BME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global, Black Ice Capital, and others.

The Stockholm-based micro-mobility startup has raised $135 million since its launch in September 2018, growing to 38 cities across 10 countries in its first year. With over 4 million users, the business is already profitable in some of those cities.

CEO and co-founder Fredrik Hjelm commented on the success thus far: “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. We have seen the strongest unit economics of all of our peers and will continue to optimize and invest in that.”

Actually the company attributes its success not only to good unit economics or proprietary technology (both of which it has), but also to its cooperation with cities and governments from the get-go, which creates a “collaborative approach to regulation, safety, and sustainability.” VOI says it adapts its e-mobility product to local needs.

Both the in-house technology platform and the next generation of VOI vehicles will get an infusion of funding from this Series B. Otherwise the company’s plan is to further expand and monetise the service.

Commenting on the investment, CEO of Vostock New Ventures Per Brilioth 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.”