Swedish operator Voi has raised $25 million to scale its e-scooter and e-bike fleet.
Voi also secured additional debt financing for vehicles, and the latest financing round brings its loans which have been converted to equity to $85 million since 2021.
With investors including VNV Global, Raine Group and Nineyards Equity, the round closes after a successful 2023 for the operator which won tenders in London, Vienna, Oslo, Milan and Marseille, and saw more than 68 million rides on its services.
“We had a strong 2023 where we continued to grow alongside improving margins on all levels,” Voi CEO Fredrik Hjelm said. “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.”
The financing comes shortly after Voi laid off 120 staff members last month to cut central overhead costs.
The funding will be used to expand Voi’s fleet in its existing and new markets with its 3rd-generation e-bikes and 7th-generation e-scooters this Spring.
“Amidst the rapid consolidation in the European market, this financing puts us in a great place to expand,” Hjelm said. “The micromobility industry is developing quickly with a maturing regulatory environment and improving margins, and the demand for our services continues to grow.”
The operator will also continue working towards the goals, targets and initiatives set out in its Sustainability Report.
“We are very pleased with the continued confidence in Voi shown in this financing round,” added Hjelm. “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.”
