Voi closes $25 million financing round after record year

The micromobility sector has continued to surprise us in recent months… Today, it’s operator Voi Technology that stands out by announcing a $25 million financing round. Find out what these new equity funds will be used for in our exclusive article…

A record 2023 for Voi Technology

Thanks to its strong performance in 2023, Voi has succeeded in attracting new equity funding. Indeed, over the past two years, the company’s revenues have increased by almost 50% and profits have more than doubled. In addition, the company’s overheads have been reduced by almost 50%.

In 2023, we achieved our first quarter of positive EBIT at Group level, and we remain focused on our commitment to achieve full profitability and positive cash flow. As a result, we have seen remarkable efficiency gains, and have a suite of products and operational processes ready to be deployed to further accelerate this progress.


At this latest round of financing, Voi’s commitment and confidence were reaffirmed. Indeed, this operation saw the renewal of the commitment of the historical shareholders. These include: VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital. But also the company’s founders and employees. This financing round enabled the conversion of $85 million in convertible bills due in 2021 into equity. This consolidates Voi’s financial strength and lays the foundations for sustained growth.

We are very pleased with the continued confidence shown in Voi during this financing round. With this, we will advance our mission of providing safe, sustainable and reliable micromobility for all. There’s no doubt that micromobility is here to stay.


A remarkable breakthrough on the European scene

The financing round follows a solid year for Voi. In 2023, the micromobility operator will record more than 68 million trips. In the same year, the company also won notable tenders in major European cities. These included London, Vienna, Oslo, Milan and Marseille. These victories consolidate the company’s position as the continent’s most reliable micromobility operator.

We are working closely with cities all over Europe to become the leading operator in micromobility. The sector is developing rapidly, with a maturing regulatory environment and improving margins, and demand for our services continues to grow. We are also committed to long-term collaboration with cities and public transport providers. This financing puts us in an ideal position to grow.


Looking ahead, Voi’s CEO sees further opportunities as cities move from a car-centric approach to sustainable mobility. What’s more, micromobility is becoming increasingly entrenched in consumers’ daily habits. A 2022 trend had already demonstrated the benefits of adopting micromobility. In 2022, a third of Voi users declared that they had drastically reduced their car use. An exciting prospect, which prompted the operator to look even further ahead…

The accelerating adoption of micromobility by consumers and governments is creating solutions to congestion and pollution problems across Europe. Voi’s unwavering commitment to creating an exceptional and safe user experience while forging collaborative partnerships with cities has made the company an undisputed industry leader.


Fleet expansion and a commitment to sustainability and efficiency

This new injection of funds, will enable Voi to expand its fleet from spring 2024. By deploying third-generation electric bikes and seventh-generation electric scooters, the company aims to strengthen its presence in its existing markets. But also to venture into new territories…

But Voi’s ambition doesn’t stop there. The company is redoubling its efforts to transcend its commitment to sustainable development. It aims not only to minimize its ecological footprint, but also to work closely with municipalities to enrich the range of green mobility options. All the while ensuring unrivalled safety for its users and citizens alike. In this way, Voi positions itself as the most ethical operator offering an exemplary working environment. Voi doesn’t just follow trends, it sets them, shaping the future of sustainable mobility.

We’ve been proud to partner with Voi since the very beginning, and continue to be impressed by the team’s outstanding execution. Over the past few years, the team has gone from hypergrowth to sustainable growth, demonstrating industry-leading efficiency and a remarkable track record with riders and cities alike. Voi continues to spearhead the transformation of mobility across Europe, and we are delighted to participate in this financing that will enable Voi to become profitable. We look forward to continuing to support Fredrik and the team.