Voi Technology [https://www.voiscooters.com/], the ?micro-mobility? startup that
operates an e-scooter service in a 38 cities across 10 European countries, has
raised an $85 million in Series B funding.
Backing the round is a mixture ofexisting
[https://techcrunch.com/2019/03/03/voi-technology-the-european-e-scooter-rentals-startup-raises-an-additional-30m/] and new investors. They include Balderton Capital, Creandum, Project A, JME
Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global, and Black
Ice Capital. The new funding brings the total raised by Voi to $136 million.
Eagled-eyed readers will have noticed that, based on our previous Voi coverage,
the total figure is $32 million short. That?s because not all of Voi?s previous
Series A commitment [https://techcrunch.com/2018/11/18/hold-on-tight/]was cashed
in after the company was offered more favourable terms for its $30 million
Series A extension and therefore elected not to draw down the second tranche of
its original Series A.
Launched in 2018, the company is best-known for its e-scooter rentals but now
pitches itself as a micro-mobility provider, offering a number of different
transport devices. These include various e-scooter and e-bike models, in a bid
to become a broader transport operator helping to re-shape urban transport and
wean people off using cars.
To date, Voi says it has 4 million registered users and has powered 14 million
rides. More recently it has launchednew, more robust hardware
[https://techcrunch.com/2019/05/14/on-your-new-scooter/]that has been designed
to sustain the rigours of commercial e-bike sharing. The idea is that more
suitable hardware will help e-scooter companies improve margins since more rides
can be extracted from the life-span of each vehicle.
On that note, Voi says it will use the new funding to develop ?strong profitable
businesses? in the 38 cities where it is already operating, as well as increase
its R&D spend to improve its technology platform and products. Earlier this
year, the company announced that it is already profitable in the cities of
Stockholm and Oslo.
?Clearly, we feel we are on track to achieve this in more of our cities and that
is our aim,? Voi co-founder and CEO Fredrik Hjelm tells me. ?At this point, a
key focus for us is to ensure we continue to increase the lifetime of our
e-scooters, forge key partnerships and continue to work in those cities which
provide the best conditions for a profitable e-scooter business?.
Hjelm says that Voi?s version 2 scooters are projected to last over 18 months,
which means the company should be in profit before it needs to raise again.
However, he wouldn?t be drawn on when that might be.
With regards to R&D and improvements to the Voi platform, the company will
continue to work on the lifetime of its e-scooters, in addition to improved
repair management via integrating ?predictive diagnostics?.
Hjelm also says Voi is developing ?AI-powered? fleet management and more
generally the platform?s capability to support future product portfolio
expansion. In other words, we can expect new micro-mobility device categories in
Original Article: https://techcrunch.com/2019/11/10/voi-raises-another-85m/