E-scooter sharing firm VOI raises $115 million, valuation crosses $1 billion

Electric scooters from Swedish startup VOI and U.S. rival Lime in Stockholm
FILE PHOTO:Electric scooters from Swedish startup VOI and U.S. rival Lime sit parked in the business district in Stockholm, Sweden July 6, 2019. Picture taken July 6, 2019. REUTERS/Esha Vaish

December 20, 2021

STOCKHOLM (Reuters) – Sweden’s VOI Technology, which operates e-scooter service in Europe, said on Tuesday it has raised $115 million from investors such as Raine Group and VNV Global, valuing the company at just over $1 billion.

The revenue of VOI, whose competitors include Germany’s Tier and American companies Lime and Bird, has grown by 140% this year but the company has yet to record an annual profit.

The company has no immediate plans to enter the United States to take on American rivals on their home turf, CFO Mathias Hermansson said in an interview. “It’s safe to say that we have plenty of investment opportunities in Western Europe.”

By 2023, VOI intends to use only battery cells produced in Europe, in hopes of lowering its carbon footprint by 50%.

Since its founding in 2018, VOI has raised $430 million from investors including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards and ICT Capital.

“We will definitely start preparing so we have the option to go public,” Hermansson said, adding that the company does not have a concrete plan to go public yet.

(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Matthew Lewis)