Voi Technology, the “micro-mobility” startup that operates an e-scooter service in 38 cities across 10 European countries, has raised an $85 million in Series B funding.
Launched in 2018, the company is best known for its e-scooter rentals but now pitches itself as a micro-mobility provider, offering a number of different transport devices. These include various e-scooter and e-bike models, in a bid to become a broader transport operator helping to re-shape urban transport and wean people off using cars.
To date, Voi says it has 4 million registered users and has powered 14 million rides. More recently it has launched new, more robust hardware that has been designed to sustain the rigors of commercial e-bike sharing. The idea is that more suitable hardware will help e-scooter companies improve margins since more rides can be extracted from the life-span of each vehicle.
On that note, Voi says it will use the new funding to develop “strong profitable businesses” in the 38 cities where it is already operating, as well as increase its R&D spend to improve its technology platform and products. Earlier this year, the company announced that it is already profitable in the cities of Stockholm and Oslo.
“Clearly, we feel we are on track to achieve this in more of our cities and that is our aim,” Voi co-founder and CEO Fredrik Hjelm tell me. “At this point, a key focus for us is to ensure we continue to increase the lifetime of our e-scooters, forge key partnerships and continue to work in those cities which provide the best conditions for a profitable e-scooter business”.