Voi Technology announced that it has raised $85M from new investors and existing to continue its mission of building a profitable micro-mobility business that transforms the future of urban transport.

Series B round was led by Vostok New Ventures with participation from Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital, among others.

Voi says they will use the funding to continue building a profitable business in existing and new cities where they operates. Moreover, the capital will enable greater investment in R&D of Voi’s in-house developed technology platform and next-generation vehicle lineup, leading to a quantum leap forward in customer experience, unit economics, operational excellence and sustainability performance. The funds will accelerate expansion of the micro-mobility company’s product portfolio, allowing Voi to further monetise and strengthen its business operations and its position as the leading European micro mobility service provider.

Fredrik Hjelm, CEO and co-founder of Voi, said: “There’s been a huge demand for Voi’s e-scooters from residents across Europe in the last 12 months but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient and also fun. We have seen the strongest unit economics of all of our peers and will continue to optimize and invest in that.” 

Since 2018 Voi has expanded from its Stockholm base to operating in 38 cities across 10 European countries. Following launches in among others, Berlin, Munich, Hamburg, Helsinki, Oslo, Nuremburg, Düsseldorf, Marseille, Bordeaux, Odense, Tampere, Turku and Winterthur this year, Voi has achieved 4 million registered users, who have taken over 14 million rides.