With Europe’s relatively small towns and its citizens’ willingness to switch to more environmentally friendly transportation. Players including Tier, Voi, and Dott kept getting VC funding in 2021. But in the end, the battle for finance comes down to who will dominate this competitive market by raising the most money, applying pressure on rivals, or purchasing those rivals.
As a result, Voi scooters, which raised $115M in a Series D financing round, are receiving massive market attention. The company claims that this funding round will fuel its expansion into new markets. 70 cities in the UK and Europe presently have Voi scooters. In August of this year, it simply raised $45 million. In all, $160 million was raised in 2021, and $500 million has been gathered since Voi’s launch.
This fundraising is about both growth and a potential IPO in the future. According to a spokeswoman, Voi will begin preparations for an IPO after this financing. Although the timing is not yet fixed in concrete, Voi will start making preparations. There is no denying that micro-mobility is here to stay, and Voi plans to be the go-to mobility solution in Europe for cities, according to Fredrik Hjelm, co-founder and CEO of Voi Technology.
The representative said that Demand for micro-mobility is at an all-time high, so we want to make sure we’re providing the best. We’re planning to use this money to finance R&D as well as investments in parking, pavement riding, twin riding, an ultimately improved model, and other solutions for our riders.
Raine Group and VNV Global served as the round’s leaders. Other investors included Inbox Capital, Stena Sessan, Kreos Capital, Nordic Ninja, as well as newcomers Ilmarinen, Nineyards Equity, and ICT Capital. Participants included business owners and operators from King, BCG, Avito, and other companies.
In 2021, Voi claimed to have grown its sales by 140% year over year while improving margins and profitability. Additionally, Voi outperformed rivals this year by winning many city contracts. The “Voiager 5”, which Voi says will be the safest & reliable e-scooter model to date, is another product that the company plans to introduce.
The Raine Group’s Jason Schretter, a partner and the director of EMEA, stated that we are thrilled to continue supporting Voi in its endeavors to provide secure and environmentally friendly micro-mobility mobility solutions to European markets. Since we originally invested a year ago, Voi has expanded its leading position in the area because of its dedication to product innovation, operational effectiveness, and local connections.