Raine Group leads $160m series-C round for Voi

Eliza Punshi
02 December 2020

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Swedish e-scooter rental company Voi has closed a $160m series-C round led by The Raine Group.

The company has also secured a scaled asset-backed debt facility, which will be used to finance scooter and e-bike investment in 2021. According to Tech Crunch, the new funding is three parts equity and one part debt.

Existing investors VNV Global, Balderton Capital, Creandum, Project A, Inbox Capital and Stena Sessan also participated in the round alongside private investors from Delivery Hero, Klarna, iZettle, Zillow, Kry/Livi and Amazon.

The funding comes less than six months after Voi raised $30m from VNV Global. It has so far raised $360m since being founded in 2018 and has recently entered the UK market, winning contracts to operate in Northampton, Birmingham, Liverpool, Cambridge, Bath and Bristol.

Voi will use the latest proceeds to invest in technology development, fuel growth in current markets and bring Voi's latest e-scooter model, Voiager 4, to more cities across its network.

It will also use the funds to further enhance the safety infrastructure of its platform, including helmet technology, better lights, improved location accuracy, and high-quality brakes, signalling and suspension.

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 led a $50m series-A funding round for Voi with participation from LocalGlobe, Vostok, Raine Ventures, 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. Previous investors 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, Creandum, Project A, JME Ventures, Raine, Kreos Capital, Inbox, Rider Global and Black Ice Capital.

In July 2020, Voi raised $30m in a round led by VNV.

Company
Founded in 2018 in Stockholm, Voi is an e-scooter rental company that now operates across 46 cities and 12 countries. In 2019, it generated SEK 317m in revenues and has more than 500 staff, according to its website.

People
Voi – Fredrik Hjelm (co-founder, CEO).
Raine Group – Jason Schretter (partner, head of EMEA).