11 November 2019, India:
E-Scooter operator Voi Technology has raised $85 million in Series B round of funding. The funding ground was led by Vostok New Venture.
Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital also participated in the funding round.
The company will use the fresh fund to continue building a profitable business in existing and new cities where it operates. The funds will accelerate expansion of the micro-mobility company’s product portfolio.
Goldman Sachs International acted as exclusive Financial Advisor and Placement Agent in connection with the funding round. Hansen Law acted as Voi’s legal advisor.
Fredrik Hjelm, CEO and Co-founder, Voi, said, “There’s been a huge demand for Voi’s e-scooters from residents across Europe in the last 12 months but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient and also fun. We have seen the strongest unit economics of all of our peers and will continue to optimize and invest in that.”
Per Brilioth, CEO, Vostock New Ventures, said, “Voi is only at the start of developing micro-mobility based on Swedish values right across Europe. In Germany, in particular, there is a huge market to go for. We are excited that this additional funding will enable the company to introduce a new generation of e-scooters that are clean, good-looking and safe, enabling people to get around the cities they love quickly and easily.”
(Image – Voi Technology)