Enlarge image
Clear goal: Voi boss
Fredrik Hjelm
wants to build the most valuable micromobility platform in the world
Photo:
Stina Stjernkvist / TT / picture alliance
The Swedish scooter supplier Voi will receive $ 115 million in fresh capital to further expand its range in Germany and other markets. Co-founder and CEO
Fredrik Hjelm
(30) wants to offer additional services such as electric bicycles and penetrate other cities. "This is how we want to achieve the size we need to be able to become profitable," he said in an interview with manager magazin. In total, investors have so far pumped $ 430 million into the company.
This is likely to further intensify competition in the micromobility business. The Berlin competitor Tier had received $ 200 million for the expansion in October; the Estonian competitor Bolt, who only flooded the German cities with his scooters this spring, even received 600 million euros in the summer. "Our goal is clear: We want to become the largest and most valuable platform in the world," said Hjelm.
It should take some time until then. The company, which was only founded in 2018, is currently active in more than 70 cities in eleven countries. In Germany, Voi has so far been offering its scooters in 16 mainly large cities. The rivals Tier and Bolt, on the other hand, are in Germany alone in 67 and 48 cities. But Hjelm is happy with his own pace. 2021 was an "unbelievable year". Overall, the business grew by 140 percent. Voi now has sales of more than 100 million dollars, with Germany being the most important market with just under a third.
The tough cut-throat competition is likely to continue.
"There's been a lot of consolidation going on," he says.
"That will continue - in the end there will only be room for two or three providers."
That would mean that not all of the big suppliers like Tier, Bolt, Lime, Bird or Voi will survive.
Hjelms financiers bet on Voi.
The now completed financing round is led by the Raine Group (Soundcloud, Vice) and VNV Global, which were already among the leading Voi investors.
Other donors include Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital as well as Ilmarinen, Nineyards Equity and ICT Capital.
The story that Hjelm tells goes like this: His company has been operationally profitable since 2020. Mainly because the operating costs have fallen by 80 to 90 percent since the company was founded. Compared to the early years, Voi has technically advanced the scooters used. Today they are more durable and have a longer range. In order to reduce service costs, the Swedes - similar to Tier - only change the batteries on the streets, not all of the scooters.
The result: Instead of originally 4 to 5 euros per scooter use, Hjelm is currently calculating operating costs of less than one euro per trip.
"Depending on the price, 1 to 1.5 trips a day are enough to operate a vehicle profitably," he says.
"The operating costs are the key in our business. And we are significantly more efficient than our competitors."
As an additional offer, he is now planning to offer rental bikes in the cities in addition to the scooters.
"That's the natural next step."
The first pilot projects in Great Britain have been successful.
The electric bikes are more expensive to buy - but they last longer, which is why Hjelm hopes for a similar margin as one of the electric scooters.
It should start soon in the first cities.
However, the Swedes are not alone with this idea.
The competition also combines the offers: Tier recently took over the leading rental bike provider Nextbike.
The second wave in the battle of the scooter rental companies is rolling.