VNV Global leads $30m round for Voi Technology

Eliza Punshi
17 July 2020

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Swedish e-scooter operator Voi Technology has raised $30m in a round led by VNV Global.

Other new and existing investors also took part in the round.

Voi, which has so far raised nearly $200m in funding, will use the latest proceeds to expand into new markets, particularly the UK, which recently legalised e-scooter rentals and is eager to accelerate the use of e-scooters amid the need for social distancing. The company will also use the funding for efficiency-enhancing initiatives.

Voi became profitable for the first time in June 2020, and continues to target 2021 as its first full year of profitability.

CFO and deputy CEO Mathias Hermansson said: "Coronavirus reset our industry to our long-term benefit and we are equipped to capitalise on the strong traction we see post-Covid-19. We are now reaping the benefits of the structural improvements in unit economics that we have been working towards."

Previous funding
In June 2018, VNV Global (then known as Vostok New Ventures) led a SEK 10m round for Voi with support from angel investors. In September that year, VNV invested 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, VNV, Balderton, LocalGlobe and Raine, also took part in the financing.

The company in November 2019 raised $85m in a series-B round led by VNV, with participation from Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital.

Company
Founded in 2018 in Stockholm, Voi is an e-scooter rental company that now operates across 40 cities and 11 countries. In 2019, it generated SEK 317m in revenues and has more than 500 staff, according to its website.

People
Voi Technology – Mathias Hermansson (CFO, deputy CEO).