Voi secures additional $30m funding and achieves profitability in June

The company has signed a funding agreement with existing and new shareholders which will raise up to $30 million. VNV Global Ltd. led the round, accompanied by existing shareholders.

Voi Technology has become the first e-scooter company at scale to reach monthly profitability, less than two years since it launched its e-scooter service which now operates across 40 cities and 11 countries.

The margin was achieved on sales in June that were remarkably close to sales seen in June 2019, suggesting scooter riders are returning in number to this personal mode of travel that allows people to keep socially distant and avoid crowds.

Voi has also seen a paradigm shift in the operating environment. Following the Covid-19 lock-downs, the regulatory environment in many countries has improved significantly and decision makers are embracing new modes of transportation. Consumer behaviour is also changing, accelerating the use of multiple modes of transportation around cities.

Coronavirus reset our industry to our long-term benefit and we are equipped to capitalize on the strong traction we see post-Covid-19... The new generation scooters will make it possible to break-even at lower prices and lower utilization levels, paving the ground for the widespread adoption of e-scooters in Europe’s cities, on which we are entirely focused.

Mathias Hermansson, CFO and Deputy CEO of Voi Technology

On the back of Voi’s strong financial performance and renewed appetite from policymakers for new forms of transport to relieve capacity constraints on public transport, Voi’s main shareholders, including Balderton, are supporting the company to invest further in these new opportunities.  

The additional funds will be used to enable expansion into new markets, including the UK, and to focus even further on efficiency-enhancing initiatives. The company continues to target 2021 as its first full year of profitability.

It has been a tough first half to the year, but we are very happy to report the progress Voi has made so far after all the hard work put in by our colleagues to make Voi the most efficient fleet operator across Europe. Monthly profits is a huge milestone not only for us, but for the entire industry which has attracted much scepticism in the last year.

Mathias Hermansson, CFO and Deputy CEO of Voi Technology

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