We got an exclusive look at the pitch deck scooter company VOI just used to raise $85 million to take on Bird and Lime
- Swedish scooter startup VOI just raised an $85 million Series B as it looks to take on increasingly well-funded competitors.
- VOI was founded just over a year ago but has already raised over $135 million in VC funding in a bid to expand into more cities, improve the durability of its scooters, and make better use of its large data pool.
- “This is a capital-intensive market and we want to ensure we are sustainable in the long term,” cofounder and CEO Fredrik Hjelm told Business Insider in an interview.
- Click here for more BI Prime stories.
The race to conquer Europe’s scooter market is hotting up with another major fundraise for one of the continent’s challengers.
European companies have raised significantly less than their Silicon Valley rivals but are confident of coming out on top. Sweden’s VOI Technology just picked up an $85 million Series B to boost its expansion plans in a new round led by Vostok New Ventures.
The proceeds will go towards increasing VOI’s research and development spend to build out its range of vehicles and also better understand the reams of data at its disposal having processed some 14 million rides since the company’s founding in 2018.
It takes the company’s total funding to $135 million. It has expanded from its base in Stockholm, Sweden to more than 38 cities in 10 European countries. “This is a capital intensive market and we want to ensure we are sustainable in the long term,” cofounder and CEO Fredrik Hjelm told Business Insider in an interview. “We’ve grown a lot and have achieved profitability in some cities and want all our operations to be profitable in the next two years.”
Previous investors including Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital participated in the round.
“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,” said Per Brilioth, CEO Vostok New Ventures, in a statement. “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.”
Check out VOI’s pitch deck below: