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Sustaining our Future: Voi is proud to announce our $160 million Series C funding

four men standing in front of a church behind a Voi e-scooter. they are the founders of Voi, from left to right: Douglas Stark, Filip Lindvall, Fredrik Hjelm and Adam Jafer

(Read the full press release here)

In 2018, when Voi was taking its first few scoots into the world of micro-mobility, we created a vision for “cities for living” — vibrant urban areas truly made for people, with less pollution and traffic gridlock and more efficiency and free movement. By working closely with cities, our mission is to provide sustainable, affordable first- and last-mile mobility solutions that eschew fossil fuels and unnecessary car trips and prioritise safety and inclusivity.

Now, nearly three years later, we’re continuing to deliver on that vision, and our achievements are a testament to that. Today, we are proud to announce our latest US$160 million Series C funding round, which helps to cement Voi’s position in the rapidly evolving European micro-mobility sector and enables us to continue to lead the industry. The Raine Group, a global integrated merchant bank advising and investing in high-growth sectors of technology, media, and telecom, led the capital raise, which also attracted investment from existing investors, including VNV Global, Balderton, Creandum, Project A, Inbox, Nordic Ninja, and Stena Sessan. Top entrepreneurs and executives from Amazon, Delivery Hero, iZettle, Klarna, Kry/Livi, Nordic Ninja, and Zillow also participated in this latest funding round.

Through this new funding, Voi has also secured an industry first: scaled asset-backed debt facility, which will be directed towards scooter and e-bike investment in 2021. Previously, new micro-mobility companies had only been able to achieve financing through equity from shareholders, because these young companies were not deemed credit worthy. We are the first in our industry to be able to borrow money with scooters as collateral — proof of our strong profitability.

The Series C funds take total funding of Voi over the last four months to US$190 million, including the $30 million announced this past July and completed in September.

Raising money in itself isn’t a sign of success — it’s what we do with those funds that really counts. We’re excited to have the opportunity to keep scaling our services to reach more riders and increase investment in our fleet, our people, and our cities.

Our fleet

Safe, reliable service is our priority, and this funding will enable us to make continual improvements to our fleet for enhanced safety and sustainability. We are fully committed to reaching our target of Vision Zero: e-scooters that generate zero carbon, zero accidents, and zero reasons not to embrace this future of transport. We will continue to embrace technology for better safety infrastructure, which includes smart ways to curb pavement riding and clutter and improve parking measures. We will also roll out our latest e-scooter model, Voiager 4, across our network. As we constantly iterate, adapt, and develop our hardware and software, our riders benefit from helmet technology, better lights, improved location accuracy, and higher-quality brakes, signaling, and suspension, so they can get to their destinations safely.

Our people

We are incredibly proud of our stellar employees, who are the driving force behind our success. As we continue to grow, we are constantly on the lookout for top talent to increase our engineering expertise and bring fresh, creative ideas to solving mobility challenges and promoting our e-scooter solutions.

Our cities

We remain focused on Europe as the most fertile ground to grow a sustainable, long-term, profitable micro-mobility business, although we also have our eye on other markets where we believe we can make a difference (we’re looking at you, New York). We will forge and strengthen partnerships with cities and their stakeholders to perfect our services. We also intend to focus on harnessing the power of data for greater insights; we will increase collaboration with local authorities and higher-education institutions to research how micro-mobility impacts cities, with the goal of discovering data-driven ways to improve services and sustainability.

2020 has been a landmark year for e-scooters and for Voi. As Europe’s leading micro-mobility operator, we operate in 50+ cities in 11 countries, where we’ve served more than 30 million rides to over six million regular users. We are the first operator to reach profitability across markets. We boast the most city tenders wins (29 licenses, of which 16 are exclusive) and the most efficient fleet (4–7 rides per active scooter). We’ve expanded into new major markets, including the U.K., where we’ve become the preferred e-scooter provider.

More consumers than ever before look to new alternatives for moving around cities in a convenient, eco-friendly, fast, and safe way. We’re helping to drive that change with our best-in-class operations, sustainability model, and talent. Here’s to creating the cities of the future!

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