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Voi Pitch Deck to Raise $160m Series-C Round

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Voi Pitch Deck to Raise $160m Series-C Round

This is the Voi pitch deck to raise a $160m series-c round in 2020.

About

VOI is a micro-mobility startup that provides electric scooters for last-mile transportation. Douglas Stark, Filip Lindvall, and Fredrik Hjelm founded it in 2018. Its headquarters is located in Stockholm Sweden.

VOI Technology aims to create a system of electrically powered scooters around urban centres to provide an affordable, sustainable, and exhilarating way to commute while helping people to reduce their carbon footprint and cities have a more sustainable transportation network

Investors continue to flood electric scooter startups with cash in spite of the pandemic, with Sweden’s Voi raising a $160 million round from New York fund The Raine Group.

Founded in 2018, Voi offers scooter rental services across more than 45 cities in 11 European countries from its base in Stockholm. It doesn’t operate in the US or Asia.

Riders can unlock and rent a Voi scooter by scanning a QR code on the vehicle with an app. Users are charged a fixed base rate for unlocking the scooter and are then charged by the minute for usage with the cost depending on the city.

Its new funding comes hot on the heels of Japanese investing giant SoftBank’s investment into German scooter rival Tier as part of a $250 million mega-round.

E-scooters have proved, much like ride-hailing previously, to be a capital-intensive industry with identikit startups  requiring cash to fund a grab for market share.

The entry of SoftBank into Tier and now The Raine Group into Voi demonstrate a new maturity in the industry, according to Fredrik Hjelm, Voi’s CEO.

“Growth funds are stepping into this space and they want more certainty when they invest,” Hjelm told Business Insider.

“They want three to five times the return on capital rather than hundred-to-one moonshots which shows mobility is a mature and solid industry, not a boom and bust industry anymore. This deal is a sign of strength not just for Voi but for the whole industry.”

Fighting it out with Silicon Valley competition

Well-funded US scooter players Bird and Lime have used their arsenal of venture capital funding to expand onto the continent.

Increasingly though, they have begun to lose out to smaller local copycats as Europe’s cities clamp down on the number of scooter operators and turn to a competitive tender system.

In July, Voi raised a $30 million extension to its previous $85 million Series B round as part of its bid to take on its competitors and Hjelm remains bullish. “We have the recipe for success and have proved both product-market fit and logistics,” he said. “Now this is more of an execution play.”

The startup is making inroads into the UK, which only recently changed its rules to legally permit scooters on its roads. Like other European markets, the UK’s regions are issuing permits via a tender process. Voi won tenders in the major cities of Birmingham and Liverpool, and the Cambridgeshire region.

The company claims that it was profitable for the month of June following an initial downturn in activity during pandemic-induced lockdowns in Europe.

In addition to the equity funding, Voi has secured what it calls the industry’s first asset-backed debt facility at scale, which will be directed towards scooters and e-bikes in 2021.

Jason Schretter, partner at The Raine Group, said changes to the way we get around cities were here to stay. “Three years of evolution have taken place in just six months, and we are fully confident that we are only in the beginning of this trend,” he said.

The fresh cash takes Voi’s total funding to $417.9 million. Existing investors VNV Global, Balderton, Creandum, Project A, and Inbox joined the round.

Funding Rounds

Announced Date
Transaction Name Number of Investors Money Raised Lead Investors
Aug 6, 2021 Series C – Voi 2 €38M
The Raine Group
Dec 1, 2020 Series C – Voi 8 $160M
The Raine Group
Dec 1, 2020 Debt Financing – Voi
Jul 16, 2020 Series B – Voi 1 $30M VNV Global
Nov 10, 2019 Series B – Voi 14 $85M VNV Global
Mar 4, 2019 Series A – Voi 6 $30M
November 18, 2018 Series A – Voi 12 $48M
Balderton Capital
August 13, 2018 Seed Round – Voi 1 $2.9M VNV Global

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