VOI Raises $25m for expansion

Additionally, the company has secured additional debt financing for vehicles.

The addition of new equity and debt funds will be used in scaling Voi’s e-scooter and e-bike fleet, seizing the opportunity presented by growing consumer demand and the rapid consolidation in the industry.

The financing round follows a strong 2023 for Voi, with a record-breaking number of more than 68 million rides. During the year, the company also won notable tenders in prominent European cities such as London, Vienna, Oslo, Milan, and Marseille, cementing its position as the most trusted micromobility operator across the continent.

We had a strong 2023 where we continued to grow alongside improving margins on all levels. Over the past two years, our revenue has grown by nearly 50%, our gross profit has more than doubled, and we’ve reduced overhead costs by almost 50%. In 2023, we achieved our first quarter of positive EBIT at the group level, and we remain focused on our commitment to achieving full profitability and positive cash flow.

Fredrik Hjelm CEO, Voi

We’ve seen remarkable efficiency gains and have a suite of products and operational processes ready for rollout to further accelerate that progress. Looking ahead, we see numerous promising opportunities as cities pivot from being car-centric to driving sustainable mobility, and consumers increasingly integrating micromobility into their daily routines. We are just getting started.

Fredrik Hjelm CEO, Voi

With the new financing, Voi will expand its fleet in existing and new markets with its 3rd-generation e-bikes and 7th-generation e-scooters during spring 2024.

Furthermore, Voi will intensify its commitment to working towards its sustainability goals, including further improving its environmental impact, working with cities to increase sustainable mobility options, ensuring safety for its riders and other road users and continuing to be the most responsible operator with leading workplace practices.

The micromobility industry is developing quickly with a maturing regulatory environment and improving margins, and the demand for our services continues to grow. That is a strong base to build an exceptional company, and we are committed to long-term collaboration with cities and public transport providers to realise our vision of cities made for living. Amidst the rapid consolidation in the European market, this financing puts us in a great place to expand.

Fredrik Hjelm CEO, Voi