Voi Technology, which is the “micro-mobility” startup and operates an e-scooter service in around 38 cities across ten different European countries, has recently raised an $85M in Series B funding. Supporting the round is a combination of current, as well as new investors. They comprise Raine Ventures, Black Ice Capital, JME Ventures, Balderton Capital, Project A, Kreos Capital, Creandum, Inbox Capital, and Rider Global. The recent funding introduces the entirety raised by Voi to $136M.
The eagle-eyed readers are going to notice that, based on our preceding Voi reporting, the entire figure is $32M short. That’s just because not all of the previous Series A commitment of Voi was cashed in behind the organization was provided more valuable provisos for its $30M Series A extension and thus selected not to draw down the next tranche of its novel Series A.
The organization, which was commenced in the year 2018 and identified for its e-scooter hires, now pitches itself like a micro-mobility service provider, giving a number of dissimilar transportation devices. These consist of a range of e-bike models and scooters, in a tender to turn into a broader transport operator assisting in re-forming urban transport & weaning people off with the help of cars.
As of now, Voi says it has 4M listed users & has powered 14M rides. More lately, it has released new, more vigorous hardware, which has been developed to maintain the rigors of marketable e-bike sharing. The concept is that more appropriate equipment will aid e-scooter organizations to perk up margins because more rides can be taken out from the lifetime of every vehicle.
On that note, Voi informs it will make use of the fresh funding to build “strong, profitable businesses” in the around 38 cities where it is previously functioning, as well as boost its R&D expend to perk up its technology podium and products. Former this year, the organization declared that it is now lucrative in the cities of Oslo and Stockholm.
Voi CEO and co-founder, Fredrik Hjelm informs, “Clearly, we feel we are on track to achieve this in more of our cities, and that is our aim,” “At this point, a key focus for us is to ensure we continue to increase the lifetime of our e-scooters, forge key partnerships and continue to work in those cities which provide the best conditions for a profitable e-scooter business.”
Hjelm mentions that Voi’s edition 2 scooters are expected to last over 18 months that implies the business should be in revenue before it requires to raise again. Nonetheless, he would not be drawn on while that might be.
With regards to improvements and R&D to the Voi podium, the organization is going to continue to function on the life span of its e-scooters and to improved repair management through integrating “predictive diagnostics.”
Moreover, Hjelm said Voi is building “AI-powered” fleet management & more usually, the platform’s competence to sustain future product portfolio development. In other terms, we can suppose new micro-mobility appliance categories in the potential.