Following a record year, Voi raises $115m in funding and prepares to go public
Following a year-on-year revenue growth of 140% in 2021, micromobility company Voi Technology has secured $115 million in Series D funding. Founder and CEO Fredrik Hjelm also told the Financial Times the company has "started preparations to be able to go public" - most likely in Europe.
In a statement to Fleet Europe, a Voi spokesperson said: “The demand for micromobility has never been higher and as a result, we want to ensure we are delivering the service people need. With this funding, we’re going to invest in solutions for our riders and cities, including fixing parking, pavement riding and twin riding, rolling out a better model of e-scooter, e-bikes and investing in R&D.”
Following this fundraise, Voi is going to start preparing for an IPO. We will begin preparations for that but the timetable can not be set in stone at this stage.”
Voi raised the funding in an oversubscribed financing round and it will enable the company to continue expanding its mobility platform into new markets in 2022.
Voi recently hit 90M+ rides since inception, while increasing margins and profitability. It also won more city tenders than any other operator in Europe (it said in a press release).
Ambitious sustainability targets
Voi has set ambitious targets to take 1 billion car trips off Europe’s roads by 2030. The new funding will be used to continue expanding into new European markets and adding more e-bikes to the fleet. The company will also launch Europe’s safest e-scooter model to date - the Voiager 5 - in spring 2022 as part of its commitment to achieving Vision Zero - no accidents.
Also by 2023, Voi will use only battery cells produced in Europe, with a resulting 50% lower carbon footprint. The micro mobility operator already sources its e-bikes from Europe and intends to source its e-scooters locally, as soon as that is possible.
Hjelm added: “There is no doubting that micromobility is here to stay and Voi intends to be the go-to mobility platform in Europe for cities that want to give their residents and visitors an integrated, smart mode way to travel. Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport. We are building the future of transport and we are committed to making every Voi city a better place to live.”
Image courtesy of Voi.