Voi has raised a $160 million Series C and we’re delighted to continue to be part of their journey.
is on the way to being Europe’s leading micromobility company — as evidenced by their incredible growth, leading market position and the impressive pace in which they have been winning city contracts against competitors.
Micromobility has grown from an interesting consumer proposition a few years ago into a viable, large-scale business with massive upside for consumers and cities. With the positive impacts on users’ lives, accelerated by covid, as well as the impact on the environment — we remain hugely excited for Voi and the team. Let’s revisit the simple thesis on why we invested, and how it remains true today:
- Insane execution speed: Voi is simply the fastest at scaling into new cities. In Europe, they were one of the first to market and have been moving at hyper-speed since; their scaling, execution and user cohort growth are unprecedented. At the time of writing, they’re in more than 50 cities. The team has managed to deal with the complexities of launching in multiple cities, whilst continuing to grow cohorts in existing locations. Voi has become Europe’s preferred operator, winning over two-thirds of city license tenders across Europe, including recent wins in Birmingham, Liverpool, Bern and Cambridge. They’re also leading in terms of fleet efficiency across active markets.
- Close government regulations: One key hypothesis behind backing a European company is that governments will favour local players and maintaining these relationships as a positive actor will be key. Some cities have grown somewhat weary of private transportation companies, introducing varying regulations. Voi insists on working closely with local governments from day zero and remain mindful of the city-specific regulations and idiosyncrasies. They’ve gone so far as establishing an industry-specific Code of Conduct in Stockholm and other cities, based on their best practices. Voi leads by example and we’re confident this is the path to sustainable growth.
