Employee bike benefit platform Vapaus has raised €10 million in a Series A funding round having grown sixfold in two years.
The Finnish startup creates leasing contracts with company employers who wish to offer their employees a bike benefit in return for monthly tax-free salary deductibles.
Speaking with CEO Tero Era, he told Zag Daily that Vapaus has become one of the fastest-growing companies in Finland.
“We have been able to develop a mature and scalable business model, evident in our growth from €4.5 million in net revenues in 2021 to an impressive €30+ million in 2023, and to find a way to profitability in the new mobility segment. We are proud of our diverse and professional team and international investors sharing the same sustainable vision.”
Shift4Good was the lead investor along with Tesi and European Investment Bank’s co-investment facility EGF and SuperHero Capital.
Vapaus will use the equity-based funding to support its international expansion, software development, platform automation and grow its PreCycle concept for the second-hand market of bikes.
In February this year, Vapaus also secured a €15 million loan from Norion Bank to expand its presence in Finland and ramp up operations in Sweden. Tero said this loan arrangement can be complemented by further “optional extensions” in the coming years. “The equity based financing announced today can potentially unlock a total of €50 million funding for Vapaus.”
Yann Marteil, Co-Founder of lead investor Shift4Good, added: “The quality of the team, the clear vision on impact and sustainability, and the ambition in terms of development were the main signals for Shift4Good to decide to financially accompany and support the company.”
