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Micromobility operator Voi secures $115 million in funding

Voi Technology recently announced the raising of 115 million dollars, in an oversubscribed financing round, which will allow the company continue to expand its mobility platform to new markets next year.

In the round, led by Raine Group and VNV Global, Previous investors of the company participated, including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, and new ones such as Ilmarinen, Nineyards Equity or ICT Capital. Outstanding businessmen and operators from King, Avito and BCG, among others, also participated in the fundraising round.

The round closed after Voi’s best year since its founding three years ago, a year in which the company has outperformed its competitors and seen strong and growing demand for micromobility.

Great growth in Europe

In 2021, Voi has achieved 140% year-on-year growth by reaching more than 90 million trips since its creation, while margins and profitability grew. During this year, Voi has won more city tenders than any other operator in Europe, consolidating its position as the partner of micromobility most reliable in the whole continent. Voi has already outperformed its competitors by achieving company-wide operating profitability during the summer of 2020 and has continued to improve gross margins and scooter trips by expanding into new markets in 2021.

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In Spain, Voi users have traveled 1,655,393 km in 2021, the equivalent of 41 times the length of the equator, in 669,317 trips in Seville and Malaga, cities in which it currently operates. Their trips have had a high impact on the environment: they have prevented the emission of 21.69 kg of PM 2.5 particles into the air and 32.2 tons of CO2. These figures are equivalent to 93,704 car trips avoided, seven private cars unused throughout the year and 82 square meters of public spaces gained by avoiding their use for car parking. The figures are also equal to the electricity they consume six private homes in one year, and the benefit of your savings is equal to that of 532 tree seeds grown for 10 years.

To ensure that growth in Spain goes hand in hand with safe and efficient mobility, Voi has incorporated in 2021 a series of initiatives to your app. The ‘Reaction Test’, on the one hand, prevents drunk driving. On the other hand, ‘Fin De Viaje’, ‘Assistent de Parking’ and ‘Reporta un Voi’ are aimed at promoting organized parking. In addition, Voi has created an Impact Panel to show its users the emissions they save to the environment with each scooter trip. On the other hand, the company has established various alliances to continue improving its services both nationally and internationally. An example of this is its collaboration with Google Maps, to locate scooters through this app.

Voi’s commitment to Spain has been supported this year with the expansion of its team through the appointment of Álvaro Rodríguez as Senior Public Policy Manager. In just six months of operations in the country, Voi already has a staff of 24 people spread throughout the national territory.

Fredrik Hjelm, co-founder and CEO of Voi Technology, has stated: «There is no doubt that micromobility is here to stay and Voi aims to be the mobility platform of reference in Europe for cities that want to offer their residents and visitors an integrated and intelligent way of traveling. Working closely with cities, we are seeing a new vision of urban transport take shape that is highly complementary to public transport. We are building the future of transportation and are committed to making every Voi city a better place to live.”

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