$50M Raised by E-Scooter Startup VOI Technology

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VOI Expertise, an e-scooter startup headquartered in Sweden, has lifted $50 million in the collection A funding. This funding is raised by London-based enterprise capital agency Balderton Capital. Along with LocalGlobe, Raine Ventures, and former VOI backer Vostok New Ventures. The $50m round led by the venture investor is the third largest series A funding round by a European start-up over the past year.

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The fundraising procedure conducted by VOI noticed a number of investors participating. The list included Cristina Stenbeck, Jeff Wilkes (Amazon), Justin Mateen (co-founder of Tinder) Nicolas Brusson (CEO and co-founder of BlaBlaCar) and many others. This move by the firm brings a wave of launches, financing, and international expansion plans.

VOI – The E-Scooter Startup

VOI was launched in Sweden in August 2018 by Fredrik Hjelm, Douglas Stark, Adam Jaffer, and Filip Lindvall. The firm has since then expanded to Madrid, Zaragoza, and Malaga in Spain. This e-scooter startup pitches itself as a technique to ease traffic-clogged metropolis centers and scale back air pollution. VOI’s scooters claim on providing clear, environment-friendly, cost-effective and 0 emissions.

VOI functions on an app wherein one can find a close-by scooter on the avenue or by way of the app’s map, pressing the ‘journey’ button. By scanning the VOI QR code one can take a journey anyplace in the metropolis. The firm expenses a €1 unlocking price and a journey prices €0.15 per minute. The plan with the recent fundraising is to proceed to broaden into new European markets.

In simply 12 weeks, VOI claims to have garnered 120,000 customers, who’ve taken 200,000 rides, traveling 350,000 kilometers. It says this creates VOI Europe’s categorical e-scooter pity firm. The e-scooter startup claims that they mutated how people commute. The company further went on to say they modified how people ride inside cities immediately after they quarrel a scooter for a primary time.

Effects of the Fundraising

A representative at VOI claims that the company had previously raised around $3 million earlier this year. Lars Fjeldsoe-Nielsen, the general partner at Balderton, said he had chosen Voi because of its rate of revenue growth. “We believe that a big European player can emerge in this market,” he said. “Since I’ve come back from Silicon Valley to London, I haven’t seen any company grow in revenue as fast as this company has grown.”

Describing e-scooters as a vast choice to change, Fjeldsoe-Nielsen says that within a final 4 weeks VOI has doubled its revenues. On this Balderton says that a matching arranges of traction and marketplace response as Fowl and Lime within a U.S. Voi’s raise comes as investors jostle for position in the increasingly competitive market for electric scooters.

SEE ALSO: American Banking Startup Cogni Secures $1.7 Million Seed Funding

The firm is targeting to expand in Belgium, Netherlands, Luxembourg, France, Germany, Italy, Norway, and Portugal in the coming months. The VOI jobs web page reveals that VOI is recruiting nation managers for Denmark, Switzerland, Greece, Turkey, and Finland, too. Voi declined to reveal its revenue figures but said it had reached 200,000 rides in two months.

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