Sweden-based e-scooter operator VOI Technology has raised $85 million from new investors and existing to continue its mission of building a profitable micro-mobility business that transforms the future of urban transport.

VOI launched in September 2018.

The e-scooter operator will use the funding to continue building a profitable business in existing and new cities where it operates. Moreover, the capital will enable greater investment in R&D of VOI’s in-house developed technology platform and next-generation vehicle lineup.

The funds will accelerate expansion of the micro-mobility company’s product portfolio, allowing VOI to further monetize and strengthen its business operations and its position as the leading European micro mobility service provider. VOI says it has already reached profitability in several cities.

There’s been a huge demand for VOI’s e-scooters from residents across Europe in the last 12 months but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient and also fun. We have seen the strongest unit economics of all of our peers and will continue to optimize and invest in that.Fredrik Hjelm, CEO and co-founder of VOI

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VOI says its success stems from its collaborative approach to regulation, safety and sustainability, which sees it work closely with city authorities, other transport operators and policy makers to build a long-term vision to integrate e-scooters into transport networks across Europe.

Since its inception in 2018, VOI has expanded from its Stockholm base to operating in 38 cities across 10 European countries. Following launches in among others, Berlin, Munich, Hamburg, Helsinki, Oslo, Nuremburg, Düsseldorf, Marseille, Bordeaux, Odense, Tampere, Turku and Winterthur this year, VOI has achieved 4 million registered users, who have taken more than 14 million rides.

Goldman Sachs International acted as exclusive Financial Advisor and Placement Agent in connection with the funding round. Hansen Law acted as VOI’s legal advisor.