Vostok leads $85m series-B for VOI Technology

The round also saw participation from a group of existing and new investors including Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital.

This round brings VOI's total funding to $137.9m, according to Crunchbase.

VOI will use the capital to continue developing in cities where it operates and reaching out to other urban locations. The company stated it would focus on unit economics, sustainability and profitability, alongside increased R&D to improve its technology platform. The funding will also be dedicated to accelerating the expansion of the product portfolio.

Previous funding
In June 2018, Vostok led a SEK 10m round for VOI with support from angel investors. In September that year, Vostok injected a further $2.9m.

In November 2018, Balderton Capital led a $50m series-A funding round for VOI with participation from LocalGlobe, Vostok, Raine, Jeff Wilke, Cristina Stenbeck, Keith Richman, Justin Mateen, Spencer Rascoff, Nicolas Brusson and Sebastian Knutsson.

In March 2019, VC firms Project A and Creandum joined existing investors to provide $30m for the business. Investors from the previous round, Vostok, Balderton, LocalGlobe and Raine, also took part in the financing.

Company
Founded in 2018 and headquartered in Stockholm, VOI offers electric scooter sharing in partnership with cities and local communities. Since its inception, VOI has expanded from its Stockholm base to operate in 38 cities across 10 European countries. VOI has 4 million registered users and employs 525 staff, according to Owler.

People
VOI Technology – Fredrik Hjelm (CEO, co-founder).
Vostock New Ventures – Per Brilioth (CEO).

Advisers
Equity – Goldman Sachs International (corporate finance).
Vendor – Hansen Law (legal).

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• Topics
• Expansion
• Nordics
• Consumer
• Venture
• Sweden