Voi Technology raises $160M to accelerate the company’s geographic and fleet expansion

DEC 01, 2020

The new funding round was led by The Raine Group, with existing investors including Balderton participating.

The new funding will help the company cement its leadership within Europe’s rapidly evolving micro-mobility transportation sector. 

In connection to the funding, Voi has secured the industry’s first asset-backed debt facility at scale, which will be directed towards scooters and e-bikes in 2021.

The last 12 months have been a landmark year for e-scooters, as consumers look for new alternatives to move around Europe’s biggest cities in a convenient, sustainable, quick and safe way.

Voi has become Europe’s preferred operator, winning over 2/3 of city license tenders across Europe

With major new markets, including the UK, opening up to e-scooter mobility solutions, Voi has become Europe’s preferred operator, winning over 2/3 of city license tenders across Europe, including recent wins in Birmingham, Liverpool, Bern and Cambridge and then leading in fleet efficiency across active markets, including top European micro-mobility markets like Berlin, Oslo and Stockholm. 

We are very happy to welcome Raine’s growth equity fund to the Voi family…. We share the same vision that cities should be pleasant places to live, work and travel in - where transport does not pollute the air or cut people off from their environment. We and our city partners fully intend to achieve our target of Vision Zero - e-scooters that generate zero carbon, zero accidents and zero reasons not to embrace the future of transport.

Fredrik Hjelm, co-founder and CEO of Voi Technology

Funds raised will be used to invest in technology platform development, fuel growth in current Voi markets and bring Voi’s latest e-scooter model - Voiager 4 - to more cities across its network. In addition, Voi will use funds to further enhance the safety infrastructure of its platform – the company’s number one priority. As Voi adapts and develops hardware and software, riders benefit from helmet technology, better lights, improved location accuracy, high quality brakes, signalling and suspension, helping ensure users get to their destinations safely.

Through a combination of advanced e-scooter technology, increased rider adoption and better operational practices, Voi achieved significantly more rides per active scooter than ever before.

Fredrik Hjelm, co-founder and CEO of Voi Technology

By introducing swappable batteries, integrating more sustainable fleet management infrastructure and switching to renewable energy to power our operations wherever possible, Voi has reduced the already minimal environmental impact of e-scooters even further.

Fredrik Hjelm, co-founder and CEO of Voi Technology

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