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E-scooter start-up Voi Technology raises $85m in latest funding round

By Hugh Wilson

City centre transport business aims to drive profits by developing more robust model

Electric-scooter startup Voi Technology has raised $85m (£66 million) in its second round of funding, bringing the total raised to $136m.

The company says it will use the cash to develop “strong profitable businesses” in the 38 cities where it currently operates, with a significant sum earmarked to create more robust, longer-lasting scooters and upgrade its technology platform.

The Swedish company operates its e-scooter sharing service in ten European countries, and says its 4 million registered users have taken 14 million rides since its launch in 2018.

Its core e-scooter rental business is complemented by an e-bike sharing arm, as the company aims to offer a convenient alternative to driving in city centres. It has recently released a tougher scooter model, which it hopes will smooth the path to profitability. More robust scooters offer more rides before they need replacing.

Fredrik Hjelm, CEO and co-founder of Voi, said: “There’s been a huge demand for Voi’s e-scooters from residents across Europe in the last 12 months but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient and also fun.”

At present, Voi is only profitable in Oslo and Stockholm, though it achieves seasonal profitability in many other cities. Hjelm says the company aims to make an overall profit in 2021-22, thanks to longer scooter lifespans and better fleet management.

Investors including Balderton Capital, Creandum, Project A and JME Ventures backed the company in the latest round.

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