🏆 Deal of the Week · CW 51/2021
Voi raised EUR 101.8 million in a Series D round; the valuation was not disclosed. The round was backed by a broad syndicate of existing and new investors led by Raine Group alongside VNV Global, Nordic Ninja, and several other institutional backers. The funding was announced in December 2021 and recognised as Deal of the Week for KW 51/2021.
Voi — key deal facts
| Company | Voi |
| Founded | 2018 |
| Headquarters | Stockholm, Sweden |
| Amount raised | EUR 101,8 M |
| Valuation | Valuation Remains Undisclosed |
| Round | Series D |
| Investors | Raine Group (https://raine.com/) VNV Global (https://www.vostoknewventures.com/) Inbox Capital Nordic Ninja (https://nordicninja.vc/) Stena Sessan (https://stenasessan.se/) Kreos Capital (https://www.kreoscapital.com/) Ilmarinen Nineyards Equity ICT Capital (https://www.ict-cap.com/) and others |
| Sectors | Transport |
Who invested in Voi?
The Series D brought together Raine Group, VNV Global, Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards Equity, ICT Capital, and additional undisclosed participants. The mix is notable for spanning growth-equity specialists, Nordic institutional capital, and venture debt, reflecting broad confidence in Voi's path to profitability. The presence of Kreos Capital, a specialist in venture debt, alongside pure equity investors suggests a capital-efficient structure designed to extend runway without excessive dilution.
What does Voi do?
Voi Technology is a shared electric micromobility operator founded in 2018 by Fredrik Hjelm and Keith Richman. Headquartered in Stockholm, Sweden, the company deploys e-scooters and e-bikes on demand through its app-based rental platform across 12 countries and over 150,000 vehicles. Voi differentiates through safety features such as in-app night-riding tests and vehicle turn indicators, and works directly with city governments to secure long-term operating permits. Its focus on sustainable last-mile urban transport positions it as a recurring-revenue infrastructure provider rather than a pure consumer app.
Voi valuation & multiples
No verified multiples data is available for this round, as the post-money valuation was not disclosed. Comparable European micromobility and shared-transport operators have historically traded across a wide range of EV/Sales multiples, reflecting differences in unit economics and regulatory exposure. Readers can explore relevant benchmarks on the Venionaire DealMatrix Transport sector multiples pages.
Explore the benchmarks: Series D.
Frequently asked questions
How much did Voi raise in its Series D?
Voi raised EUR 101.8 million in its Series D round, announced in December 2021.
What is Voi's valuation?
Voi's valuation was not disclosed in connection with the Series D round.
Who invested in Voi?
The Series D investors include Raine Group, VNV Global, Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards Equity, ICT Capital, and others.
When was Voi founded and where is it based?
Voi was founded in 2018 and is headquartered in Stockholm, Sweden.
Source: original announcement — read the full report.