Shared scooter firm Voi raises $115 million as it prepares to go public

Shared e-scooter firm Voi has raised $115 million (£87 million) from investors, resulting in the brand being valued at just over $1 billion. 

Sweden-based start-up Voi has been expanding its European fleets of shared mobility schemes, as the company intends to go public in the near future, according to founder and CEO Fredrik Hjelm. 

In the latest funding round, reported by the London Evening Standard, Voi raised new cash from investors like Raine Group and VNV Global. 

Voi’s competitors include firms like Tier, based in Germany, and American rivals Lime and Bird. It has also grown by 140% this year, but has yet to record an annual profit.

While Voi missed out on taking part in London’s e-scooter trials, it is currently participating in trials in Birmingham and Bristol.  

The company has also said it has no immediate plans to take on the US market, but instead plans to continue its expansion in Europe. 

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

Last month, Voi also announced its plans to replace one billion car journeys over the next 20 years, as the brand also committed to being ‘carbon positive’ by 2030. 

Founded in 2018, Voi now operates in 70 cities across 11 countries. 

Read more: How have supply chain shortages affected the e-bike industry? 

Speaking an an International Transport Forum event in Glasgow, Hjelm recently said: “Voi’s e-scooters and e-bikes are already playing a critical role in cities in providing convenient and sustainable alternatives to cars. 

“Climate change presents a serious threat to the livability of cities around the world and we want to do everything in our power to take action. We want to go beyond carbon neutrality through offsets and become a climate-positive company. We’ll do this by implementing new climate measures such as sourcing European-made battery cells and circular vehicles.”