Swedish shared micromobility operator Voi Technology announced that it had raised $115 million in a Series D funding round on Tuesday.
Existing and new investors participated in a round led by Raine Group and VNV Global including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital and new investors Ilmarinen, Nineyards Equity and ICT Capital and others. Leading entrepreneurs and operators from King, Avito, BCG and more also participated in the fundraising round.
In 2021, Voi achieved 140 per cent year-on-year revenue growth and passed the 90 million ride milestone.
The firm has now raised $430 million in total since it was founded three years ago, with the latest financing package bringing its total 2021 fundraising to $160 million.
The new funding will allow Voi to continue expanding into new European markets and add more e-bikes to its fleets.
“There is no doubt that micromobility is here to stay and Voi intends to be the go-to mobility platform in Europe for cities that want to give their residents and visitors an integrated, smart mode way to travel,” said CEO Frederik Hjelm.
“Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport. We are building the future of transport and we are committed to making every Voi city a better place to live.”
Jason Schretter, Partner and Head of EMEA at Raine Group, added: “We are excited to continue our support of Voi in its efforts to bring safe and sustainable micromobility solutions to markets across Europe. Since we first invested a year ago, Voi’s commitment to product innovation, operational efficiency and local partnerships have helped the company extend its leadership position in the region. We welcome the support of new and returning investors in this round to help advance Voi’s efforts to partner with cities to help make the continent more green.”