Swedish micro-mobility startup Voi Technology has raised $160 million to expand its e-scooter business across Europe.
The Raine Group led the round, with existing investors VNV Global, Balderton, Creandum, Project A, Inbox and Stena Sessan also participating. Entrepreneurs and executives from Delivery Hero, Klarna, iZettle, Zillow, Kry/Livi and Amazon also contributed to the Series C round.
In connection with the funding, Voi secured the micro-mobility transportation sector’s first scaled asset-backed debt facility, which will be used to finance scooter and e-bike investment in 2021.
Launched in 2018, Voi says 2020 has been a “landmark” year for e-scooters in Europe as consumers seek out convenient and safe modes of transport. The company says it has become Europe’s preferred operator, winning over two-thirds of city license tenders, including recent wins in Birmingham, Liverpool, Bern and Cambridge.
Funds from the recent round will be used to invest in technology platform development, fuel growth in current markets and bring Voi’s latest e-scooter model, called Voiager 4, to more cities across its network. The company also plans to enhance the safety infrastructure of its platform.
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“Through a combination of advanced e-scooter technology, increased rider adoption and better operational practices, Voi is generating significantly more rides per active scooter than ever before,” says Fredrik Hjelm, co-founder and CEO of Voi.
“Meanwhile, by introducing swappable batteries, integrating more sustainable fleet management infrastructure and switching to renewable energy to power our operations wherever possible, we have reduced the already minimal environmental impact of e-scooters even further. This funding will help us continue to offer an efficient and sustainable e-scooter service, while providing people with mobility they can rely on.”
Says Jason Schretter, partner and head of EMEA at the Raine Group: “Consumers and local governments across Europe are recognizing a unique window of opportunity to leverage the recent period of transportation disruption to radically change and improve city mobility. Years of evolution have taken place in just six months, and we are fully confident that we are only at the beginning of this trend.”
Voi has raised $190 million over the past four months, including a $30 million round announced in July and completed in September. In November 2019, the startup raised an $85 million round led by Vostok New Ventures.
It has been a carbon neutral company since January 2020.