Voi announced a new $85 million funding round led by Vostok New Ventures.

Spain Sweden Investments 11 November 2019
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Voi Technology, a Stockholm, Sweden-based operator of an on-demand electric scooters, announced that it secured a fresh capital raise in the company totalling $85M.

Tye investment was backed by existing investors led by Swedish VC Vostok New Ventures and included Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital and Black Ice Capital.

The new capital will be used to accelerate the company's expansion as well as invstment in new scooters and fund development of its software.

Voi Technology, founded in 2018 by four students (Adam Jafer, Filip Lindvall, Douglas Stark and Fredrik Hjälm - CEO), launched its service in Stockholm in the summer of 2018 with the aim to create an affordable system of electrically powered scooters for urban commuters. Since then, Voi registered 4 million users who have taken 14 million rides.

Prior to this round, Voi announced more than $80M from outside investors, with the last round added in March 2019, when it added Creandum and Project A in a $30M transaction.