Micromobility firm Voi has secured $115m (£87m) in an oversubscribed series D financing round, taking its total capital to US$160m (£121m) in 2021.
The e-scooter operator said it will use this funding to expand its mobility platform into new markets next year. Voi will look to grow into new European markets and add more e-bikes to its fleet.
Existing and new investors participated in a round led by Raine Group and VNV Global including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital and new investors Ilmarinen, Nineyards Equity and ICT Capital.
Jason Schretter, partner and head of EMEA at Raine Group, said: “We are excited to continue our support of Voi in its efforts to bring safe and sustainable micro mobility solutions to markets across Europe.
“Since we first invested a year ago, Voi’s commitment to product innovation, operational efficiency and local partnerships have helped the company extend its leadership position in the region. We welcome the support of new and returning investors in this round to help advance Voi’s efforts to partner with cities to help make the continent more green.”
Voi added this round closed on the back of its best year, achieving 40% year on year revenue growth in 2021. It comes as the company hit 90 million rides since inception, while increasing margins and profitability.
Fredrik Hjelm, co-founder and CEO of Voi Technology, said: “There is no doubting that micromobility is here to stay and Voi intends to be the go-to mobility platform in Europe for cities that want to give their residents and visitors an integrated, smart mode way to travel.
“Working closely with cities we are seeing a new vision of urban transport taking shape that is highly complementary to public transport. We are building the future of transport and we are committed to making every Voi city a better place to live.”