Electric scooter company Voi Technology has raised another $115 million in an oversubscribed funding round. With the new funding package, the total volume for 2021 amounts to 160 million dollars.
Since its founding in 2018, the company has raised a total of $430 million, according to the company. With the fresh capital, Voi plans to continue its expansion into more European markets and add e-bikes to its sharing fleets.
The current funding round was led by Raine Group and VNV Global, with other existing and new investors also participating. “Since our initial investment a year ago, Vove’s commitment to product innovation, operational efficiency and local partnership has helped the company grow its leadership position in the region,” said Jason Schretter, partner and head of EMEA at Raine Group. “We are excited about the participation of new and returning investors in this round. Together, we want to help drive Voi’s efforts to partner with cities to make the continent’s mobility greener.”
Voi says it has seen revenue growth of 140 per cent so far in 2021. In Germany, trip volumes increased six-fold compared to 2019, while profit margins and profitability rose sharply. “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,” said Fredrik Hjelm, co-founder and CEO of Voi Technology. “Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport.”
The company also announced its intention to launch the Voiager 5 as a new model in spring 2022. However, the company has not yet revealed any technical details about the vehicle, which is supposed to be the “safest e-scooter model in Europe to date”.
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