Voi raises $115M after a record year for operations

DEC 21, 2021

Existing and new investors participated in the round which was led by Raine Group and VNV Global.

The new funding will provide funds to continue expanding into new European markets and add more e-bikes to the Voi fleet.

Voi has set an ambition to take 1 billion car trips off Europe’s roads by 2030 and expansion into new markets and solutions is integral to achieving this. Voi will also launch Europe’s safest e-scooter model to date - the Voiager 5 - this spring as part of its commitment to achieving Vision Zero - no accidents.

The round closed on the back of Voi’s best ever year, in which the company outperformed its peers and saw strong and growing demand for micro-mobility.

Voi achieved 140% year on year revenue growth in 2021, as the company hit 90M+ rides since inception, while increasing margins and profitability. Voi also won more city tenders than any other operator in Europe, cementing its position as the most trusted micromobility partner across the continent. Voi beat peers to reach operational profitability company-wide during summer 2020 and continued to improve gross margins and rides per scooter as it extended into new markets in 2021.

Voi’s achievements in 2021 have taken place against a backdrop where demand for micro mobility is higher than ever. Cities are under pressure to transform their transport operations and reduce the reliance on polluting private vehicles to meet their own net-zero emissions targets. E-scooters, e-bikes and other forms of micro mobility are the best choice for cities that want a sustainable, shared vehicle that integrates easily with public transport, reduces reliance on private cars, relieves congestion and cuts pollution.

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. We are building the future of transport and we are committed to making every Voi city a better place to live.

Fredrik Hjelm, co-founder and CEO of Voi Technology

All this will take place with full commitment to achieving sustainability with Voi intending to have fully electric operational vehicles by early 2023. Also by 2023, Voi will use only battery cells produced in Europe, with a resulting 50% lower carbon footprint. The micro-mobility operator already sources its e-bikes from Europe and intends to source its e-scooters locally, as soon as that is possible. Voi became the first micro-mobility company to operate carbon-neutrally in 2020, building on its track record of pioneering sustainability initiatives including using renewable power and introducing swappable batteries ahead of competitors.

Read more about the fundraise: 

TechCrunch: Voi scooters raises $115M Series D round as it preps to enter new cities — and for an IPO

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