Voi Technology to raise $30 million from investors led by VNV Global

Sweden Investments 16 July 2020
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Voi Technology, a Stockholm, Sweden-based scooter company, announced raising an additional capital funding of $30 million.

The money was provided by new and existing investors, including VNV Global. The additional funds raised will be used to enable expansion into new markets, including the UK and to focus on operational efficiencies.

Voi Technology, founded in 2018 by Adam Jafer, Filip Lindvall, Douglas Stark and Fredrik Hjälm (CEO), built a fleet of electric scooters that they make available on demand in urban areas. The services are available in 40 cities and 11 countries.

The company has raised about $170 million in capital investment and is bleeding money, as in 2019 it had loses of about SEK 770M ($85M) at a sales figure of SEK 317M. According to a company statement, Voi aims that 2021 to be the first full year of profitability.