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E-scooter sharing firm VOI raises US$115 million, valuation crosses US$1 billion

E-scooter sharing firm VOI raises US$115 million, valuation crosses US$1 billion

File photo. Electric scooters from Swedish startup VOI and US rival Lime sit parked in the business district in Stockholm, Sweden on Jul 6, 2019. (Photo: Reuters/Esha Vaish)

STOCKHOLM: Sweden's VOI Technology, which operates e-scooter service in Europe, said on Tuesday it has raised US$115 million from investors such as Raine Group and VNV Global, valuing the company at just over US$1 billion.

The revenue of VOI, whose competitors include Germany's Tier and American companies Lime and Bird, has grown by 140 per cent this year but the company has yet to record an annual profit.

The company has no immediate plans to enter the United States to take on American rivals on their home turf, CFO Mathias Hermansson said in an interview. "It's safe to say that we have plenty of investment opportunities in Western Europe."

By 2023, VOI intends to use only battery cells produced in Europe, in hopes of lowering its carbon footprint by 50 per cent.

Since its founding in 2018, VOI has raised US$430 million from investors including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards and ICT Capital.

"We will definitely start preparing so we have the option to go public," Hermansson said, adding that the company does not have a concrete plan to go public yet.

Source: Reuters/aj

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