European micro-mobility startup Voi Technology is accelerating expansion of its e-scooter service and strengthening its business operations following an investment round of $85 million.

This latest funding, a Series B round, brings the company’s current funding total to $137.9 million.

The round was led by Vostok New Ventures, a previous investor of Voi, with participation from Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global and Black Ice Capital.

A previous $50 million Series A round came in November 2018.

Since the company’s launch in September 2018, more than four million registered users have taken 14 million rides on Voi’s electric scooters.

Voi's operations have expanded from its headquarters in Stockholm to 38 cities across 10 European countries, including France, Germany, Spain and Denmark.

The company also claims to have already reached profitability in several undisclosed cities.

Fredrik Hjelm, co-founder and CEO of Voi, says: “There’s been a huge demand for Voi’s e-scooters from residents across Europe in the last 12 months but making a landmark change to transport in Europe takes more than simply flooding cities with thousands of scooters. 

“We are developing a long-term business that gives people a new way of moving around cities that’s clean, fast, convenient and also fun.”

Voi says that it will use the new funds to increase research and development for its in-house technology platform and for the launch of its next generation of vehicles.

Funds will also be used to build profitable business operations in new and existing cities.

Per Brilioth, CEO of Vostock New Ventures, says: “We are excited that this additional funding will enable the company to introduce a new generation of e-scooters that are clean, good-looking and safe, enabling people to get around the cities they love quickly and easily.”