VOI, the famous e-scooter company based in Stockholm, has raised an impressive $115M from investment firms Raine Group and VNV. With this funding, VOI plans to expand its electric scooter fleet, improve safety features, and continue its mission of providing sustainable and accessible transportation solutions in cities across Europe. Learn more about this exciting development in the world of e-scooters.
VOI Technology is a Stockholm-based e-scooter company that operates in over 60 cities across Europe. Established in 2018, the company has emerged as a prominent contender in the European e-scooter market. In February 2021, VOI announced that it had raised $115M in funding from Raine Group and VNV Global. This article explores the rise of e-scooters, VOI’s growth and expansion, the recent financing, and the company’s plans.
The Rise of E-Scooters
E-scooters have become a popular mode of transportation in many cities worldwide. They are a convenient and environmentally friendly alternative to cars and public transport, especially for short distances. The e-scooter market has increased, with companies like Bird, Lime, and VOI leading. A MarketsandMarkets report anticipates that the e-scooter market worldwide will expand at a compound annual growth rate (CAGR) of 12.8% from 2020 to 2030, and it will reach a valuation of $42.4 billion by 2030.
VOI’s Growth and Expansion
VOI has rapidly expanded its operations across Europe since its inception in 2018. The company operates in over 60 cities across 11 countries, including the UK, Germany, France, Spain, and Italy. In 2020, VOI announced it had reached profitability in some of its markets, making it one of the few profitable e-scooter companies globally.
VOI’s success stems from its focus on sustainability and safety. The company uses e-scooters with swappable batteries, reducing its operations’ environmental impact. Additionally, VOI has implemented safety measures such as geofencing, speed limits, and helmet reminders to ensure the safety of its riders and pedestrians.
Funding from Raine Group and VNV
In February 2021, VOI announced that it had raised $115M in funding from Raine Group and VNV Global. Raine Group is a global merchant bank that has invested in companies like DraftKings, Vice Media, and Turo. VNV Global is a European investment firm that has invested in companies like Delivery Hero, N26, and Flixbus.
The funding will further expand VOI’s operations across Europe and develop new products and services. Fredrik Hjelm, VOI’s CEO, said, “This investment is a testament to the strength of our business and the huge potential for growth in the European e-scooter market.”
Future Plans for VOI
VOI has ambitious plans for the future. The company aims to become the leading e-scooter operator in Europe, focusing on sustainability, safety, and profitability. VOI plans to expand its operations across Europe and develop new products and services to enhance the customer experience.
In addition to e-scooters, VOI is exploring other modes of transportation, such as e-bikes and e-mopeds. The company also plans to integrate its services with public transport, making it easier for people to use e-scooters as a last-mile solution.
VOI’s recent funding from Raine Group and VNV Global is a significant milestone for the company. With the funding, VOI plans to expand its operations across Europe and develop new products and services. VOI’s focus on sustainability and safety has helped it stand out in the competitive e-scooter market. The company’s profitability in some markets is a testament to its robust business model.