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E-scooter startup Voi raises $115 million as it vies for UK market share and plans IPO

·1-min read
Voi scooters are available in more than 70 cities across Europe, and the new cash will be used to expand further around the continent  (Voi)
Voi scooters are available in more than 70 cities across Europe, and the new cash will be used to expand further around the continent (Voi)

E-scooter startup Voi Technology has raised $115 million (£87 million) as it continues its push onto the UK's streets and gears up for an IPO.

The Stockholm-based start-up, which is battling rivals including Lime, Dott and Tier for pole position in the sector, already operates in 18 UK cities including Birmingham, Liverpool and Bristol.

Its scooters are available in more than 70 cities across Europe, and the new cash will be used to expand further around the continent and bulk up its fleet of scooters in 2022.

The company missed out on joining London's government-backed trial earlier this year, but is likely to tender again if the TFL pilot is extended into another phase.

Founder and CEO Fredrik Hjelm also told the Financial Times the company has "started preparations to be able to go public" - most likely in Europe.

The fresh funding round, led by investors Raine Group and VNV Global, valued the tech company at more than $1 billion.

Voi has raised $430 million since its launch just three years ago. Existing backers include London venture capital firm Balderton and Spotify's initial backer, Creandum.

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