E-Scooter Sharing Company Voi Raises $160 Million

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

Sweden’s Voi Technology has raised $160 million in new funding led by The Raine Group. VNV Global, Balderton, Creandum, Project A, Inbox, and sustainability-focused investors, including Stena Sessan, also participated in the round and were joined by top entrepreneurs and executives to global companies, including Delivery Hero, Klarna, iZettle, Zillow, Kry/Livi and Amazon. 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 Series C funds take total funding of Voi over the last four months to $190 million including the $30 million announced in July and completed in September

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. Voi will use funds to further enhance the safety infrastructure of its platform – the company’s number one priority.

Fredrik Hjelm, co-founder and CEO of Voi Technology, said, “We are very happy to welcome Raine’s growth equity fund to the Voi family. They are the strong partners we were looking for and impressed us through their deep knowledge of the industry, through their years of work across the global mobility sector and recent deep dive
on the evolving competitive landscape in Europe. 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.”

Fleet efficiency across active markets

It said that 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 . It is leading in fleet efficiency across active markets, including top European micro-mobility markets like Berlin, Oslo and Stockholm.

Jason Schretter, Partner and Head of EMEA at The Raine Group, said, “Consumers and local governments across Europe are recognizing a unique window of opportunity to leverage the recent period of transportation disruption to radically change and improve city mobility. Three years of evolution have taken place in just six months, and we are fully confident that we are only in the beginning of this trend.

He added, “In Voi, we are backing a team who, based on its recent license wins across Europe’s top cities, clearly understands that the next generation of micro-mobility will require operators and local governments to partner to deliver great, highly efficient products and services. We are excited to make this investment in Voi and its strong and purpose driven culture, and we can’t wait to work with them on the journey ahead.

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