Voi Technology secured $50M to expand its rental scooters business in Europe.

Sweden Investments 18 November 2018
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Voi Technology, a Stockholm, Sweden-based startup managing an on demand fleet of electric scooters, announced in a press release that it closed a $50M capital investment round.

The round was led by British venture firm Balderton Capital, and included Vostok New Ventures, LocalGlobe, Raine Ventures, Luxor Capital and angel investors such as Jeff Wilke (Amazon’s CEO for worldwide consumer), Nicolas Brusson (co-founder of BlaBlaCar), Justin Mateen (Tinder co founder), Cristina Stenbeck, Sebastian Knutsson (King cofounder), Keith Richman and Spencer Rascoff (Zillow CEO).

The money will be used to agressively expand the company's services across the entire European continent, starting with Benelux, France, Germany, Italy, Norway, and Portugal within the next few months.

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.

The company claims to have 120,000 registered users from Stockholm, Madrid, Zaragoza, and Malaga.

The number of active users was not disclosed. The price for renting a scooter in Stockholm is as high as renting a car sharing service in the same city.

Prior to this, VOI raised $3M in two tranches (1, 2) from investors including Vostok New Ventures, Eric Finnås Dahlström and Erik Segerborg. The company has been rumoured to close this round for more than a month.

The announcement is interesting as high profile, Scandinavian VC company Northzone, recently was part of a $25M investment in Tier, a similar scooter company based in Berlin, Germany. Northzone invested together with German backers - Point Nine and Speedinvest.

This round Voi just announced was orchestrated by high profile British investors, an American hedge fund (Luxor) and includes American angel investors.

Both rounds, in Voi and in Tier, are reactive moves made by European investors aiming to counter well funded American startups Bird and Lime, which recently announced their international expansion.