Voi, a Stockholm, Sweden-based micromobility operator, raised $25M in funding.
Backers included VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital and others, including founders and employees.
The company intends to use the funds to scale its e-scooter and e-bike fleet.
Led by CEO Fredrik Hjelm, Vow is a micromobility company offering e-scooter and e-bike sharing in partnership with towns, cities and local communities.
The round follows a successful 2023 for Voi, with the winning of tenders in prominent European cities such as London, Vienna, Oslo, Milan, and Marseille. Now, the company operates in over 100 towns and cities across 12 countries, and employs ~900 people.
Commenting on the news, said Fredrik Hjelm: “We had a strong 2023 where we continued to grow alongside improving margins on all levels. Over the past two years, our revenue has grown by nearly 50%, our gross profit has more than doubled, and we’ve reduced overhead costs by almost 50%. In 2023, we achieved our first quarter of positive EBIT at the group level, and we remain focused on our commitment to achieving full profitability and positive cash flow. We’ve seen remarkable efficiency gains and have a suite of products and operational processes ready for rollout to further accelerate that progress. Looking ahead, we see numerous promising opportunities as cities pivot from being car-centric to driving sustainable mobility, and consumers increasingly integrating micromobility into their daily routines. We are just getting started.”
FinSMEs
13/03/2024