Because of Europe’s small towns and willingness of its citizens to use more eco-friendly transportation, In 2021, Tier, Voi, as well as Dott, received VC funding. In the end, it comes down to who can dominate the market by raising the largest amount of money, applying pressure to rivals or buying those rivals.
Voi scooters have been receiving a lot of market attention since they raised $115M in Series D financing. According to the company, this round of funding will allow it to expand into new markets. Voi scooters are currently available in 70 cities across Europe and the UK. It raised just $45 million in August this year. All told, Voi raised $160 million in 2021 and has collected $500 million since Voi’s founding.
This funding is for growth as well as a possible IPO in the near future. Voi will start preparations for an IPO, according to a spokesperson. Voi will begin preparations for an IPO, although the exact timing of this financing is still unknown. Fredrik Hjelm (co-founder and CEO at Voi Technology), says that micromobility is here to stay and Voi intends to be the leading mobility solution for European cities.
According to the representative, micro-mobility demand is at an all time high. We want to ensure that we provide the best. This money will be used to finance R&D, as well as investments into parking, pavement riding and twin riding. We also plan to make improvements to the model in the end.
Raine Group, VNV Global and Stena Sessan were the leaders of the round. Inbox Capital and Stena Sessan were also investors. Nordic Ninja was joined by newcomers Ilmarinen and Nineyards Equity. Participants included business owners, operators, and executives from King, BCG and Avito, among others.
Voi claims that it has grown its sales 140% year-over-year while increasing margins and profitability. Voi also won many city contracts, which was a significant advantage over its competitors. Voi plans to introduce the “Voiager 5”, which Voi claims will be the most reliable and safest e-scooter ever.
Jason Schretter of The Raine Group, a partner and director of EMEA stated that we are delighted to support Voi in its efforts to offer secure and sustainable micro-mobility mobility solutions for European markets. Voi’s dedication to innovation, efficiency, and local connections has helped it grow its leadership position in this area since we first invested one year ago.