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European micro-mobility operator Voi Technology has raised $115 million in series D funding to help the company expand into more cities around Europe.
Currently, Voi operates in more than 70 cities around the continent including Berlin, Liverpool, Rome, and Copenhagen. The company also managed to achieve profitability in 2021 – something few micro-mobility competitors have managed.
“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,” says 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. We are building the future of transport and we are committed to making every Voi town and city a better place to live.”
Voi achieved 140% year-on-year revenue growth in 2021 and the company hit 90 million rides since it was founded in 2018. This level of growth, as well as the profitability, was certainly attractive to investors as this most recent funding round was over-subscribed, according to the company.
“Having invested in Voi since day one we are thrilled to see this three-year-old company establishing itself as the leading, most efficient micro-mobility operator in Europe,” says Per Brilioth, CEO of VNV Global.
“We are reaching a tipping point with micro-mobility where cities, led by their residents, are waking up to the full potential of this new mode of transport. Fully integrated with public transport, sustainably sourced and powered by renewable energy, Voi is putting itself far ahead of the competition as the grown-up, responsible operator-partner for cities.”
While Voi says the funding will be used to expand into new European markets and add more e-bikes to its fleet, precise details of the expansion are sparse. Instead, the company says that it has set an “ambition to take one billion car trips off Europe’s roads by 2030.”
Voi also says that it will launch the new Voiager 5 – “Europe’s safest e-scooter model” – in the spring. Meanwhile, the company has also committed to only using batteries produced in Europe resulting in a 50% lower carbon footprint, apparently, and also using a fully electric operational fleet by 2023.