Voi, a micromobility operator situated in Stockholm, Sweden, has raised $25 million in capital.
Supporters included the founders and staff of VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital, and others.
The company plans to expand its fleet of e-bikes and e-scooters with the help of the financing.
Under the direction of CEO Fredrik Hjelm, Vow is a micromobility startup that works with municipalities, cities, and local communities to share e-scooters and e-bikes.
This round comes after Voi had a prosperous 2023, winning tenders in well-known European cities like London, Vienna, Oslo, Milan, and Marseille. Currently, the company employs about 900 individuals and works in more than 100 towns and cities across 12 nations.
“We had a strong 2023 where we continued to grow alongside improving margins on all levels,” Fredrik Hjelm remarked in response to the news. Their gross profit has more than doubled, our revenue has increased by nearly 50%, and we have cut our overhead expenses by almost 50% in the last two years.
They turned in a positive EBIT for the first time as a group in 2023, and we’re still committed to attaining full profitability and positive cash flow. They’ve seen incredible increases in efficiency, and they’re prepared to launch a number of goods and operational procedures to further speed up this development.
As cities shift from being car-centric to driving sustainable mobility and as consumers increasingly incorporate micromobility into their daily routines, we see a number of exciting prospects ahead. They have only just begun.
