Voi
- Swedish e-scooter startup Voi has raised $115 million as micromobility competitors intensifies.
- Voi CEO Fredrik Hjelm mentioned the variety of potential winners in the sector had dropped considerably.
- Check out the 14-slide pitch deck Voi used to land the fresh funds beneath.
Voi, a Swedish electric-scooter startup, has raised $115 million in fresh funding as competitors amongst micromobility startups intensifies.
The Stockholm-based firm, which was based in 2018, presents scooter and e-bike rental providers throughout greater than 90 cities in 12 European international locations. It does not function in the US or Asia.
Riders can unlock and hire a Voi scooter by scanning a QR code on the automobile with an app. Users are charged a fastened base price for unlocking the scooter. The first 45 minutes are free, and after that riders are charged by the minute for utilization, with the price relying on the metropolis.
“We’ve had our best year ever doing more than $100 million in revenue with 140% year-on-year growth,” Voi CEO Fredrik Hjelm informed Insider. “We are improving margins and moving closer to profitability as micromobility continues to boom everywhere.”
E-scooters have proved, very similar to ride-hailing beforehand, to be a capital-intensive trade with identikit startups requiring money to fund a seize for market share. Voi beforehand raised $160 million from the Raine Group in December 2020 and has raised fairness and debt from Raine Group once more in this newest spherical.
The Series D spherical additionally consists of backing from current investor VNV Global alongside Swedish VC agency Inbox Capital and Finnish agency Nordic Ninja. New traders Ilmarinen, Nineyards, and ICT Capital additionally joined the spherical.
The firm competes with SoftBank-backed German e-scooter startup Tier, now-public US participant Bird, and Lime. Voi will launch its newest e-scooter in early 2022 and also will broaden its product providing, having moved into the burgeoning e-bike subscription market in latest years.
“This industry is extremely difficult and tough,” Hjelm added. “It’s far from a software product and we’ve seen the number of potential winners drop from 20 to 25 players three years ago to maybe four now. We will use this funding to keep investing in our product and tech teams as well as our vehicles and expand our platform.”
The fresh money takes Voi’s whole funding to $532.9 million. “We are reaching a tipping point with micromobility where cities, led by their residents, are waking up to the full potential of this new mode of transport,” VNV Global CEO Per Brilioth mentioned in a launch.
Check out Voi’s Series D pitch deck beneath: