Swedish micro-mobility startup Voi Technology has successfully raised €50 million through its first-ever bond issuance as part of a larger €125 million fundraising effort.
The bonds, with a four-year term and interest tied to Euribor plus 6.75%, attracted strong demand from both Nordic and international investors.
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Funds to Support Fleet Expansion and Debt Refinancing
Voi plans to use the capital to expand its fleet of 110,000 e-scooters and e-bikes, refinance existing debt, and support general corporate initiatives. Following a strong year of hitting profitability targets and reducing central costs by nearly 50% since mid-2022, Voi expects continued growth in rides, revenue, and profitability throughout 2024.
A Major Milestone for the Industry
Co-founder and CEO Fredrik Hjelm described the bond issuance as a pivotal moment for the micro-mobility sector, stating that it signals confidence from professional investors in the startups long-term strategy. Hjelm emphasized that the funds will help scale the company’s fleet across new and existing markets while supporting cities’ climate and traffic goals.
The firm plans to list the bonds on the corporate bond list of Nasdaq Stockholm as part of its ongoing financial strategy.
