Swedish micromobility operator Voi has announced a capital of $25 million has been raised in a an oversubscribed financing round.
The successful addition of these new equity funds – as well as new debt funds – will be used in scaling Voi’s e-scooter and e-bike fleet.
The company has won notable tenders in prominent European cities within the last year, such as: London, Vienna, Oslo, Milan, and Marseille.
Fredrik Hjelm, CEO of Voi, said:
“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,”
Existing shareholders, including VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital and others, including founders and employees, participated in the round.
Hjelm also reported a revenue growth of nearly 50% in past two years as well as gross profit more-than doubling.
In conjunction with the round, approximately $85 million of convertible loan notes from 2021 have been converted to equity, further solidifying Voi’s financial position.
Hjelm added:
“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.”
Furthermore, Voi has reported its endeavour to intensify commitment to their sustainability goals, including further improving environmental impact, working with cities to increase sustainable mobility options, ensuring safety for its riders and other road users and continuing to be a responsible operator.
