VOI Technology, a Stockholm, Sweden-based e-scooter sharing startup, raised $50m in Series A funding.
The round was led by Balderton Capital, with participation from LocalGlobe, Raine Ventures and earlier investor Vostok New Ventures, and angel investors Cristina Stenbeck, Jeff Wilkes (Amazon), Justin Mateen (co-founder of Tinder), Nicolas Brusson (CEO and co-founder of BlaBlaCar), Sebastian Knutsson (co-founder of King), Spencer Rascoff (CEO of Zillow) and Keith Richman.
VOI currently currently operates Stockholm, Madrid, Zaragoza, Malaga, Spain, and intends to use the funds to expand into new markets such as Benelux, France, Germany, Italy, Norway and Portugal in the coming months.
Launched by Fredrik Hjelm, Douglas Stark, Adam Jafer and Filip Lindvall in 2018, VOI provides an e-scooter sharing service delivering a clean, efficient, cost-effective and zero emission alternative to cars and taxis.
After downloading the app, riders (in participating cities) locate a nearby scooter on the street or by using a map, press the ‘ride’ button, scan the VOI QR code and scoot anywhere in the city. There’s a €1 unlocking fee and a ride costs €0.15 per minute.
The company’s electric scooters have since August 2018 been rolled out to Madrid, Zaragoza and Malaga in Spain.