Voi Technology pulls in €26M funding: 5 things to know about the impressive e-scooter startup from Sweden

Voi Technology pulls in €26M funding: 5 things to know about the impressive e-scooter startup from Sweden

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Voi Technology, a Stockholm-based e-scooter sharing startup, has raised a €26 million in a recent funding round led by Vostok New Ventures, Balderton Capital, LocalGlobe, Raine Ventures, and new investors Project A and Creandum.  With this capital injection, it brings the total amount attracted by the company to date to € 76.4 millionby the company to date to € 76.4 million.

Voi says the new capital will be used to ramp up expansion across Europe and invest in R&D. The company is also now claiming to be the leading “home-grown” e-scooter rentals company in Europe — as opposed to U.S.-founded Lime and Bird. In seven months, Voi says it has garnered a customer base of over 400,000 riders, who have taken a total of more than 750,000 rides.

With the latest funding,  Voi aims to builds its own tech end-to-end and also plans to invest in R&D. Further, the company has garnered a customer base of over 400,000 riders, who have taken a total of more than 750,000 rides. Further, the company plans to invest in expansion across Europe, and further enhance its products and team. Right now, they have  hires from Spotify, Uber, Bird, BCG, Avito, Budbee, Glovo, Cabify and many other top brands.

For those not aware about the Sweden tech startup, today we take a look at the five most interesting things to know about Voi Technology.

Nordics – the strongest market yet!

Launched as the first e-scooter company in Norway, the startup is currently operational in cities like Stockholm, Gothenburg, Malmö, Lund, Uppsala, Copenhagen, Paris, Lyon, Madrid, Malaga, Zaragoza, Murcia, Lisbon and Faro.

According to the company, its strongest markets so far are in the Nordics. Namely, Stockholm, Gothenburg, Malmö, Lund, Uppsala and Copenhagen, most of which it says will reach profitability in Q1. Voi has been live in Stockholm since August 2018 and has received exceptional feedback so far.

Provides an affordable, sustainable, and exhilarating way!

Founded by Douglas Stark, Filip Lindvall, and Fredrik Hjelm, the company’s goal is to provide an affordable, sustainable, and exhilarating way to commute while helping people to reduce their carbon footprint and cities to have a more sustainable transportation network.

Expansion plans under process!

Furthermore, the company is planning to launch its service in Helsinki and other cities launching later this month. Moreover, countries like Italy, Netherlands, Germany and France will be saved for future expansions.

Rivals!

Right now, Europe is populated with e-scooters, which means, Voi has stiff competition from both domestic startups such as Tier and Dott and the international rivals like Bird and Lime, who raised thousands of dollars in 2018 to expand its operation.

How does it work?

Download the Voi app to locate a nearby scooter on the street or via the app’s map, press the ‘ride’ button, scan the Voi QR code and ride anywhere in the city. As of now, the company charges a €1 unlocking fee and a ride costs €0.15 per minute. Further, Voi Technology is collaborating with city authorities to function in a more effective way.

It is to be noted that in a span of just 12 weeks, Voi has served 120,000 users who have taken 200,000 rides; travelling 350,000 km.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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