E-scooter startup Voi raises $45M in Series C extension round, operates in 18 cities in UK now

voi-funding

After its debut in the Northampton, UK, Swedish e-scooter operator, Voi has now raised $45 million in funding. The investment was led by New York-based VC The Raine Group and existing investors including Stockholms’ VNV Global participated alongside new reputable investors.

This one is an extension to its Series C, the $160 million round announced in December 2020. The latest funding brings the micro-mobility firm’s total Series C to $205M. Voi will use the funding to continue to invest in its e-scooter fleet, R&D in parking and safety solutions, and rolling out e-bikes across more locations.

Currently, Voi has no e-bikes in Europe but in the UK its operates e-bikes in three locations including Cambridge, Peterborough and Kettering.

Further, its e-scooters are not present in London yet Voi claims to be the UK’s biggest e-scooter operator with 60% of the market. It covers 18 cities, including Bath, Birmingham, Bristol, Northampton with over 3.2 million rides so far, and as of mid-June 2021, an estimated 1.1 million car trips were replaced by its e-scooters.

Recently, the company also introduced world-first computer vision technology for e-scooters along with Irish micro-mobility startup Luna and also launched smart parking racks in the UK to reduce street clutter and improve the parking habits for e-scooters.

Fredrik Hjelm, co-founder and CEO of Voi, said: “Voi has emerged as the clear micromobility leader in the European market, a fact which is underlined by the confidence of our investors. We’ve proven that there is demand for sustainable, carbon-free transport across the continent and we’re delighted to be driving this switch from polluting cars in 70 cities. We’re now the biggest e-scooter operator achieving more than 2 million rides a week, and we’re trusted by more cities and regulators than any other operator. With this new investment, we will continue to invest in developing our e-scooter and e-bike fleets, pioneering innovative approaches to parking and safety, and advocate for change to help create more liveable cities across the world.”