Less than a month after its Tier raised $250 million and Bolt invested $100 million, it is the Swedish company’s turn to accelerate its expansion. Indeed, Voi, the European leader in micromobility, has just raised 160 million dollars. This investment in Serie C was made thanks to the Raine Group fund. World-class investors and investors with a focus on sustainability participated. This new round of financing will enable the company to consolidate its position in the micromobility market. A highly competitive and constantly evolving market.
Accelerate its geographic expansion
The year 2020 was a pivotal period for the electric scooter market. New transportation needs have emerged from the coronavirus crisis. Consumers are looking for means of transportation that combine efficiency and safety. More than ever before, electric scooters are now seen as an ideal means of transport. Indeed, they enable citizens to avoid not only road congestion, but also overcrowded public transport.
Thanks to the opening of new markets such as the United Kingdom, Voi has become the main operator in Europe. The company has won more than two-thirds of the tenders issued by European municipalities. The company now operates in more than 50 cities in 11 countries. In 2020, the company has operated 30 million trips to more than six million regular users.
According to the Financial Times, the European micro-mobility players have together accumulated a larger financial stock than their American rivals, Lime and Bird. “Things have changed” said Fredrik Hjelm, co-founder and CEO of Voi. “The Americans raised a lot of money, but they spent it very quickly… They were not able to build the kind of relationships, operations or products that the city needed”. Both Bird and Lime have struggled this year. Their business models were put to the test by the pandemic. Both companies have had to significantly reduce their fleets, cut hundreds of jobs and seek emergency funding.
Accelerate its fleet expansion
The funds raised by Voi, will be used to invest in the development of technological platforms, as well as to fuel the growth of the company. In addition, it will allow the company to deploy its new electric scooter model, the Voiager 4. A safe and reliable service is Voi’s priority. Indeed, this new funding will allow the company to make continuous improvements to its fleet. Among other things, by reinforcing the safety and durability of these scooters.
With its Vision Zero, Voi wants to deploy electric scooters that do not generate any carbon emissions and do not cause any accidents. To achieve this, the company is constantly developing new technologies: more precise location, more efficient brakes and high-quality suspension. At the same time, the company is trying to implement intelligent ways to reduce travel on sidewalks and improve parking measures. More than ever, consumers are looking for new solutions to get around in a practical and environmentally friendly way. Voi hopes to contribute to this sustainable mobility through its activities.