Micro-mobility company Voi has raised $115 million in Series D funding.
The investment was led by the Raine Group and VNV Global and brings the e-scooter startup’s total funding to $430 million.
According to a statement, Sweden-based Voi, which was founded three years ago, saw a 140% increase in year-on-year revenue growth in 2021.
The company plans to use the funds to expand into new European markets as well as add more e-bikes to its fleet.
Voi’s ambition is to take a billion car trips off Europe’s roads by 2030.
The company is also building on its existing sustainability credentials with a target of fully-electric vehicles by early 2023. It is also striving to use only battery cells produced in Europe by the same year.
Fredrik Hjelm, co-founder and CEO of Voi Technology, says: “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. Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport.”
Per Brilioth, CEO of VNV Global says: “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.”
Voi announced it was adding a further $45 million to its Series C round in August.
Rivals in the micro-mobility space are also attracting investment with Vassla, another Sweden-based platform, announcing $11million in funding in June.
Germany-based Tier announced funding of $200 million in October and has since announced acquisitions in Leipzig and Italy to further expand its presence.