European e-scooter firm Voi raises $85 million to fund journey to profitability

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European e-scooter firm Voi raises $85 million to fund journey to profitability
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Since launching last year, Sweden's Voi has brought in 4 million users who have taken 14 million rides.

"Our thesis from day one was we would be deeply integrated into the city's transportation ecosystem," he said, adding that Voi does this by helping form policy around issues like parking and by obtaining the appropriate licenses for the cities it operates in.CEO of Voi Technology

in 2018 as investors flocked to space. However both companies — founded just two years ago — remain loss making.and its European rival Bolt have both entered the scooter market, adding more competitive pressure on some of the younger upstarts. But Hjelm said he believes Voi can "beat" its rivals by focusing on getting to profitability.

He added that Voi has been working with German rail network operator Deutsche Bahn to let users drop the scooters off at designated areas by train stations. "This is really about the last mile," said Fjeldsoe-Nielsen, a former executive at Uber.

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