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Voi's $25M Raise Fuels Expansion into New Cities

Voi revealed a significant milestone: securing $25 million in a highly sought-after funding round
March 13, 2024

Introducing the latest buzz in micromobility: Voi, the operator renowned for its commitment to sustainable urban transit, has just clinched a remarkable $25 million in a heavily subscribed funding round. But that's not all—the company has also secured additional debt financing earmarked for expanding its fleet of vehicles, marking a significant milestone in its journey towards revolutionizing urban transportation.

This substantial financing isn't merely a financial boost; it's a testament to Voi's stellar performance. With approximately $85 million of convertible loan notes from 2021 now converted to equity, Voi's total fundraising since its inception has skyrocketed to an impressive $540.6 million.

What propelled this surge? Voi's stellar 2023 performance, marked by a record-breaking 68 million rides, speaks volumes. Winning tenders in major European cities like London, Vienna, Oslo, Milan, and Marseille further solidified its position as a frontrunner in the micromobility landscape.

Fredrik Hjelm, Voi's CEO, is elated, and rightfully so. He attributes the company's success to a potent blend of revenue growth, soaring profits, and slashed overhead costs. With Voi's first positive EBIT in 2023 and a robust roadmap for future growth, Hjelm is optimistic about the road ahead. He envisions a future where cities prioritize sustainability over vehicular traffic, with micromobility seamlessly integrated into people's daily routines.

Fueling Voi's ascent are its steadfast investors, including VNV Global, Raine Group, and Nineyards Equity, to name a few. Their unwavering support underscores Voi's pivotal role in reshaping urban transit.

Jason Schretter, head of EMEA for the Raine group, echoes this sentiment, emphasizing Voi's role in tackling congestion and pollution challenges across Europe.

With fresh funding in hand, Voi is gearing up for a monumental expansion, introducing its latest e-bikes and e-scooters in both existing and new markets by spring 2024. But Voi's ambitions extend beyond mere growth; the company is doubling down on its commitment to sustainability and safety, collaborating closely with cities to offer greener, safer mobility options for all.

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