Voi Technology, known as one of Europe’s micromobility giants has just landed €101.8 million in what has been described as oversubscribed funding round in a bid to continue its vision for a revolutionized approach to urban transport.
The current funding round was led by Raine Group and VNV Global, which also include Inbox Capital, Stena Sessan, Kreos Capital, Nordic Ninja coupled with first-time investors Nineyards Equity, Ilmarinen, and ICT Capital among others. This also saw the participation of leading entrepreneurs and operators from King, BCG, Avito, and more also participated in the latest round of fundraised.
Moreover, the fresh fundraise is rather a boost on the back of an exciting year for the Stockholm-based startup, which did raise more than €38 million in August. Bearing in mind that, micro-mobility is currently a booming trend in Europe, and the industry is known to have been heating up over the past few weeks notably with new funding announcements and acquisitions.
Bearing in mind that the subject startup is one of the e-transport leaders in Europe, Voi, founded in 2018, is believed to have enjoyed a 140% year-on-year revenue growth notably in this current year. Equally, with e-scooters having become Europe’s micro-mobility choice of 2021, Voi which has hit over 90 million rides since launch is poise to simultaneously increase margins and profitability.
Meanwhile, while global warming has become a huge concern due to carbon emission, efforts have been made, notably after COP26 and a global drive to move to more sustainable choices, with cities under intense pressure than ever to transform their transport operations and reduce the reliance on polluting vehicles in order to meet net-zero emission targets. In view of this, it should be borne in mind that e-scooters, e-bikes in addition to other forms of micro-mobility are the best choice for cities that want a sustainable, shared vehicle that integrates easily with public transport, which, in turn, will reduce reliance on private cars, relieve road congestion and cut pollution.
To ascertain Voi’s commitment to the sustainability of Europe’s vision (reduced carbon footprint by up to 50%), the company is believed as one with an ambition to have fully electric operational vehicles by early 2023, and also plans to exclusively use battery cells produced in Europe. Moreover, Voi startup was the first micro-mobility company in Europe known to operate carbon-neutrally in 2020, hence, building on its footprint of pioneering sustainability initiatives that include the use of renewable power and introducing swappable batteries.
The co-founder and CEO of Voi Technology ‘Fredrik Hjelm’, said: “There is no doubting that micro-mobility 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”.
Poised with the vision to take 1 billion car trips off Europe’s road by 2030 as the company continues to double down on expansion into new markets, it already operates in over 70 cities across 11 countries. Headquartered in Stockholm, the subject currently employs 1000 people and has more than 6 million users.
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