Stockholm-based Voi recently raised $25 million in a financing round, which was oversubscribed. This funding, accompanied by additional debt financing for vehicles, will primarily be used to scale up the company’s e-scooter and e-bike fleet. The financing round included participation from existing shareholders such as VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital, and others, including founders and employees. The company’s focus on fleet expansion aligns with its strong performance in 2023, where it recorded over 68 million rides and secured tenders in key European cities.
In conjunction with the round, approximately $85 million of convertible loan notes from 2021 have been converted to equity, further solidifying Voi’s financial position.
The financing round follows a strong 2023 for Voi, with a record-breaking number of more than 68 million rides. During the year, the company also won notable tenders in prominent European cities such as London, Vienna, Oslo, Milan, and Marseille, cementing its position as the most trusted micromobility operator across the continent.
Fredrik Hjelm, CEO of Voi, stated: “We had a strong 2023 where we continued to grow alongside improving margins on all levels. Over the past two years, our revenue has grown by nearly 50%, our gross profit has more than doubled, and we’ve reduced overhead costs by almost 50%. In 2023, we achieved our first quarter of positive EBIT at the group level, and we remain focused on our commitment to achieving full profitability and positive cash flow. We’ve seen remarkable efficiency gains and have a suite of products and operational processes ready for rollout to further accelerate that progress. Looking ahead, we see numerous promising opportunities as cities pivot from being car-centric to driving sustainable mobility, and consumers increasingly integrating micromobility into their daily routines. We are just getting started.”
With the new financing, Voi will expand its fleet in existing and new markets with its 3rd-generation e-bikes and 7th-generation e-scooters during spring 2024.
Furthermore, Voi will intensify its commitment to working towards its sustainability goals, including further improving its environmental impact, working with cities to increase sustainable mobility options, ensuring safety for its riders and other road users and continuing to be the most responsible operator with leading workplace practices.
Fredrik Hjelm, Voi’s CEO, said: “We are very pleased with the continued confidence in Voi shown in this financing round. With this, we will advance our mission to provide safe, sustainable and reliable micromobility for everyone. There is no doubt that micromobility is here to stay, and we will work closely with cities all over Europe to be the go-to micromobility operator. The micromobility industry is developing quickly with a maturing regulatory environment and improving margins, and the demand for our services continues to grow. That is a strong base to build an exceptional company, and we are committed to long-term collaboration with cities and public transport providers to realise our vision of cities made for living. Amidst the rapid consolidation in the European market, this financing puts us in a great place to expand.”
Per Brilioth, CEO of VNV Global, said: “We’ve been proud partners with Voi from the very beginning, and we continue to be impressed by the team’s exceptional execution. Over the past few years, the team has transitioned from hypergrowth to sustainable growth, demonstrating industry-leading efficiency and a remarkable track record with both riders and cities. Voi continues to spearhead the transformation of mobility across Europe, and we’re excited to participate in this funding that will take Voi to profitability. We look forward to continue supporting Fredrik and the team.”
Jason Schretter, head of EMEA for the Raine group, said: “Accelerating consumer and government adoption of micromobility is creating solutions to congestion and pollution challenges throughout Europe. Voi’s unwavering commitment to creating an exceptional and safe user experience while forging collaborative partnerships with cities has established the company as a clear industry leader. We are excited to participate further in Voi’s journey as the team’s operating scale and efficiency capture the promise of the sector.”
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