Voi Revenue, Valuation, Funding & Investors
Voi is valued at $1B as of December 2021.
Last Voi valuation
$1B
Series D · Dec 2021
Last Voi funding round
$25M
Undisclosed stage · Mar 2024
Voi revenue
$33M
Series B · Nov 2019
Key investors in Voi
VNV Global
Balderton Capital
The Raine Group
Creandum
Project A Ventures
NordicNinja VC
About Voi
VOI Technology is a micromobility operator providing e-bikes and e-scooters across more than 150 cities in Europe. The Sweden-headquartered company achieved EBIT profitability in 2024 through efficient fleet management and urban partnerships. Voi collaborates with city governments in countries like the United Kingdom, Germany, and Sweden to deliver sustainable last-mile transportation solutions.
Founded
2018
HQ
StockholmWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Revenue
$33M (Nov 2019)
Valuation
$1B (Dec 2021)
Voi Valuation
Voi is currently valued at $1B, based on its Series D in December 2021.
The $115M round was led by The Raine Group and VNV Global, with participation from Light Ray Ventures, Kreos Capital, NordicNinja VC, Nineyards Equity, Ilmarinen Mutual Pension Insurance Company and 2 other investors.
Voi's valuation has grown 3.2x from $313M at its Series B in November 2019 to $1B in December 2021, across 3 priced rounds.
Voi valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2021 | Series D | $1B | - |
| Jul 2020 | Series B | $270M | - |
| Nov 2019 | Series B | $313M | 9.5x |
Voi Revenue
Voi's latest recorded revenue is $33M, as of its Series B in November 2019. At a $313M valuation, that implies a 9.5x revenue multiple.
Voi revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2019 | $33M | $313M | 9.5x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Voi Funding History
Voi has raised a total of $541M across 9 funding rounds.
Voi's first fundraising round was a $3M seed round in August 2018. The most recent completed round was a $25M undisclosed-stage round in March 2024.
Voi funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2024 | Undisclosed stage | VNV Global; Balderton Capital; Creandum; Black Ice Capital; The Raine Group; Nineyards Equity; Project A Ventures; Stena Sessan | $25M | - | VOI Technology is a Swedish shared micromobility company operating e-scooters and e-bikes across Europe, founded in 2018 and positioned as a leader in urban green transport. On March 12, 2024, it closed an oversubscribed $25 million equity financing round with participation from existing investors including Balderton Capital, Black Ice Capital, Creandum, Nineyards Equity, Project A Ventures, Stena Sessan, The Raine Group, and VNV Global (also listed as Vostok New Ventures), plus undisclosed angel investors. Alongside the equity, VOI secured additional debt financing for vehicles, and approximately $85 million in convertible loan notes from 2021 were converted to equity, strengthening its balance sheet for fleet scaling amid growing demand and industry consolidation. The funds were earmarked for expanding e-scooter and e-bike fleets to capitalize on consumer demand. Investors expressed confidence in VOI's shift from hypergrowth to sustainable, efficient operations en route to profitability, as noted by VNV Global's CEO. Post-round, VOI achieved adjusted EBIT profitability in 2024 and secured €50 million in debt funding late 2024 under a €125 million framework, with total equity rising to €31.5 million by year-end due to the convertible note conversion and equity raise. VNV Global marked up VOI's valuation to $611.4 million by June 2025 (26% increase from December 2024), rising further to $655.8 million in Q3 2025 amid 34% YoY net revenue growth to €57.5 million and record €19.8 million operational cash flow, before a ~7% drop to $610 million by Q4 2025. |
| Dec 2021 | Series D | The Raine Group (lead); VNV Global (lead); Light Ray Ventures; Kreos Capital; NordicNinja VC; Nineyards Equity; Ilmarinen Mutual Pension Insurance Company; Stena Sessan; Inbox Capital | $115M | $1B | VOI Technology, a Stockholm-based micromobility operator, raised $115 million in an oversubscribed Series D funding round on December 20, 2021, led by The Raine Group and VNV Global, with participation from investors including Ilmarinen Mutual Pension Insurance Company, Inbox Capital, Kreos Capital, Light Ray Ventures (possibly referenced as ICT Capital), Nineyards Equity, NordicNinja VC (as Nordic Ninja), and Stena Sessan. This brought total capital raised in 2021 to $160 million and overall funding to around $430-515 million since founding in 2018. The funds were earmarked for expansion into new European markets, rolling out more e-bikes, and launching the Voiager 5 e-scooter model incorporating technologies from Dublin’s Luna Systems. The round followed a strong 2021 performance, with VOI reporting 140% year-on-year revenue growth, over 90 million rides completed since inception across 70+ cities in 11 countries, and 6 million users. VOI positioned itself as Europe's leading micromobility operator, winning more city tenders than any peer, achieving company-wide operational profitability in summer 2020, and improving gross margins and rides per scooter while expanding. Demand for micromobility surged amid urban efforts to reduce car reliance, cut emissions, and integrate with public transport, especially post-COVID. The company eyed a future IPO and aimed to displace 1 billion car trips from European roads by 2030 through sustainable, multi-modal transport solutions. VOI outperformed competitors like Bird, Lime, and Tier in tenders and efficiency, operating scooters and e-bikes as low-carbon first- and last-mile options. |
| Aug 2021 | Series C | The Raine Group (lead); VNV Global; ABACON | $45M | - | - |
| Dec 2020 | Series C | The Raine Group (lead); VNV Global; Balderton Capital; Creandum; NordicNinja VC; Project A Ventures; Stena Sessan; Inbox Capital | $160M | - | - |
| Jul 2020 | Series B | VNV Global (lead); NordicNinja VC | $30M | $270M | VOI Technology is a Swedish micro-mobility company offering electric scooter sharing services in partnership with cities across Europe, operating in 40 cities and 11 countries by mid-2020. In July 2020, NordicNinja VC announced an investment in VOI alongside a funding agreement with existing and new shareholders, including VNV Global as the lead, to raise up to $30 million. The funds were intended for expansion into new markets like the UK and further efficiency initiatives, building on VOI's achievement of its first monthly profit at group level in June 2020, less than two years after launch. VOI had invested in analytics, machine learning, and a resale program for refurbished scooters, with over 10,000 sold to date, while benefiting from improved regulations and consumer shifts post-Covid-19 lockdowns. The company targeted 2021 as its first full year of profitability, highlighting strong traction with its new e-scooter 3X model improving unit economics. |
| Nov 2019 | Series B | VNV Global (lead) | $85M | $313M | VOI Technology is a Stockholm-based electric scooter sharing company founded in 2018, offering on-demand scooters for short urban trips and operating in over 40 cities across 11 countries by late 2019. The company closed an $85 million primary funding round on November 10, 2019, including participation from existing and new investors such as VNV Global (which invested USD 47.5-58 million including convertibles), Creandum, Project A Ventures, Balderton Capital, and others. VNV Global, the lead investor, increased its ownership to 32.7% and valued its stake at USD 102.4 million as of December 31, 2019, implying a full company valuation of approximately USD 313 million post-round. The funds supported geographic expansion, including into new European markets and a focus on the US, alongside product development and operational rollout. Earlier in 2019, VOI had raised additional capital, including a USD 30 million round in Q1 where VNV invested USD 10.1 million, and further commitments via convertible debt. By Q3 2019, VNV's 23.9% holding was valued at USD 26.7 million pre this round. In 2019, VOI reported sales of SEK 317 million alongside losses of SEK 770 million (about $85 million), reflecting heavy investment in growth amid the competitive micromobility sector. The company aimed for profitability by 2021 and had achieved over 1 million rides by Q1 2019, operating in 20 cities across 7 countries at that time. |
| Mar 2019 | Series A | VNV Global; LocalGlobe; Balderton Capital; Creandum; Project A Ventures; Raine Ventures | $30M | - | VOI Technology is a Stockholm-based e-scooter sharing startup founded in 2018 by students led by CEO Fredrik Hjälm, offering on-demand electric scooter rentals. It launched in Stockholm in summer 2018 and rapidly expanded across Europe, facing competition from U.S. players like Lime and Bird. By March 2019, it had served 400,000 riders who took over 750,000 rides covering 1.5 million km, up from 120,000 users, 200,000 rides, and 350,000 km in November 2018. In March 2019, VOI raised $30 million in an additional early-stage round (following a $50M Series A), backed by existing investors Balderton Capital, LocalGlobe, Raine Ventures (noted as Vostok New Ventures/VNV Global in some sources), and new investors Creandum and Project A Ventures, plus angels like Cristina Stenbeck, Justin Mateen, and others. This brought total funding to over $83 million. Funds were allocated to accelerate European expansion and R&D. The company claimed proximity to profitability in Nordic cities by April 2019, aided by durable scooters, improved tracking, and city collaborations. VOI achieved group-level monthly profitability in June 2020, later raising another up-to-$30M round led by VNV Global for UK expansion and efficiency. |
| Nov 2018 | Series A | Balderton Capital (lead) | $48M | - | VOI Technology is a Sweden-based smart mobility startup offering electric scooter sharing services, launched in Stockholm in August 2018, and quickly expanded to cities like Madrid, Zaragoza, and Malaga in Spain. By late 2018, it had gained over 120,000 users who took 200,000 rides covering 350,000 km. The company positions itself as Europe's leading e-scooter operator, focusing on sustainable urban transport as a first-and-last-mile alternative to cars and taxis, with a collaborative approach to working with city authorities on regulation, safety, and integration into transport networks. On November 18, 2018, VOI Technology raised $50 million in a Series A funding round led by Balderton Capital, with participation from LocalGlobe, Raine Ventures, Vostok New Ventures, and prominent angels including Cristina Stenbeck, Jeff Wilkes (Amazon), Justin Mateen (Tinder co-founder), Nicolas Brusson (BlaBlaCar CEO), Sebastian Knutsson (King co-founder), Spencer Rascoff (Zillow CEO), and Keith Richman. The funds were intended to support rapid but sustainable expansion into markets like Benelux, France, Germany, Italy, Norway, and Portugal. At the time, VOI demonstrated strong early momentum, with revenues reportedly doubling in the last four weeks before the announcement, mirroring traction seen by U.S. peers like Bird and Lime. Balderton highlighted the founders' execution speed, superior numbers compared to rivals, and proactive engagement with European governments. VOI has since raised additional rounds, including a Series B in 2025 led by Vostok New Ventures with Balderton participation, bringing total funding to $135M by then, and reaching profitability in several cities while operating in 38 cities across 10 countries. |
| Aug 2018 | Seed | VNV Global (lead) | $3M | - | VOI Technology is a Stockholm-based provider of on-demand electric scooters and e-bikes for urban mobility. Founded in 2018 by Adam Jafer, Filip Lindvall, Douglas Stark, and Fredrik Hjälm, the company partnered with over 100 cities across Europe to integrate its services with public transportation systems. VNV Global invested in VOI during 2018, becoming a significant stakeholder. The earliest documented funding round for which valuation data is available is the Series C, which closed at $205 million in two tranches during 2020 and 2021, led by The Raine Group with participation from VNV Global and other existing investors including Balderton, Creandum, and Project A. By 2025, VOI had achieved significant scale, surpassing 400 million rides, with the final 100 million rides accumulated within a single year, demonstrating strong market traction in European micro-mobility services. |
Who has invested in Voi?
16 investors have backed Voi across its funding rounds, including VNV Global, Balderton Capital, The Raine Group, Creandum, Project A Ventures and NordicNinja VC.
Lead investors include The Raine Group, VNV Global and Balderton Capital.
Voi Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Stockholm | 8 | Lead | Aug 2018 | |
 London | 4 | Lead | Nov 2018 | |
 New York City, NY | 4 | Lead | Dec 2020 | |
| Stockholm | 3 | Participant | Mar 2019 | |
| London | 3 | Participant | Jul 2020 | |
 Berlin | 3 | Participant | Mar 2019 | |
| Stockholm | 3 | Participant | Dec 2020 | |
| Stockholm | 2 | Participant | Dec 2021 | |
| Sweden | 2 | Participant | Dec 2020 | |
| New York City, NY | 1 | Participant | Dec 2021 | |
| London | 1 | Participant | Mar 2019 | |
| London | 1 | Participant | Dec 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Black Ice Capital |  Toronto | 1 | Participant | Mar 2024 |
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Start Free TrialVoi Competitors
Voi competitors include listed companies like BiNBiN, Lime, GO and Goto Gojek Tokopedia, and private ones like HopSkipDrive and DocPlanner.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Turkey | Publicly listed | $11M | ($12M) | $347M | - | |
| United States | Publicly listed | $887M | $87M | $2B | - | |
 Japan | Publicly listed | $266M | $49M | $1.7B | 5.3x | |
| Los Angeles, CA | Private | - | - | $550M | - | |
 Indonesia | Publicly listed | $1B | ($16M) | $3B | 1.7x | |
 Warsaw | Private | - | - | $1B | - |
Voi Public Comps
Voi is still privately-owned, but its public comps include SMZDM.com, CaoCao, QuinStreet, Grupa Pracuj, Ibotta, LegalZoom, Nextdoor, Tripadvisor, Upwork and Web Travel Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $192M | $19M | 4.9x | 4.7x | 47.8x | 42.1x | |||
| $3B | $51M | 0.6x | 0.6x | 35.8x | 33.9x | |||
| $1.3B | $61M | 0.7x | 0.7x | 15.8x | 7.9x | |||
| $214M | $95M | 4.6x | 4.4x | 10.3x | 9.7x | |||
| $342M | $7M | 2.5x | 2.4x | 114.9x | 15.3x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $258M | ($69M) | 2.4x | 2.2x | (8.8x) | 27.8x | |||
| $1.9B | $160M | 0.6x | 0.6x | 6.8x | 4.2x | |||
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Common questions about Voi
| When was Voi founded? | Voi was founded in 2018. |
| Where is Voi headquartered? | Voi is headquartered in Stockholm, Sweden. |
| Is Voi publicly listed? | No, Voi is a private, VC-backed company. |
| What is Voi's valuation? | Voi was last valued at $1B in its Series D in December 2021. |
| How much funding has Voi raised? | Voi has raised $541M across 9 funding rounds. |
| What was Voi's last funding round? | Voi's last funding round was a $25M undisclosed-stage round in March 2024. |
| Who are Voi's investors? | Voi's investors include VNV Global, Balderton Capital, The Raine Group, Creandum, NordicNinja VC, Project A Ventures, Stena Sessan, Nineyards Equity, Inbox Capital, Light Ray Ventures and 6 others. |
| What is Voi's revenue? | Voi's latest recorded revenue is $33M (November 2019). |
| What is Voi's revenue multiple? | Voi's latest valuation implies a 9.5x revenue multiple ($313M valuation on $33M of revenue). |
| Which companies are comparable to Voi? | Companies comparable to Voi include BiNBiN, Lime, GO, HopSkipDrive, Goto Gojek Tokopedia and DocPlanner. |
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