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Voi announced an oversubscribed $115 million Series D on December 20, 2021, to expand its shared-mobility service in Europe, add e-bikes and invest in vehicles and rider and city solutions. Its IPO preparations were about keeping a possible listing open as an option—not announcing a date. As of July 2026, CFO Mathias Hermansson said Voi had no concrete IPO plans or set timeline.
What Voi announced in December 2021
Voi Technology said the $115 million Series D was led by Raine Group and VNV Global. The company named existing and new investors including Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards Equity and ICT Capital. Voi said the round brought its 2021 fundraising to $160 million.
The company also reported 140% year-on-year revenue growth in 2021 and more than 90 million rides since launch. Those were Voi-reported figures in its December 2021 announcement, not independent industry measures. The release said Voi had reached company-wide operational profitability in summer 2020; that historical claim should not be confused with later statutory operating results.
What the funding was intended to support
Voi said it would use the capital to enter additional European markets and expand its fleet of e-bikes. It also described investment in rider and city solutions, parking, safety, research and development, and a new scooter model. Its Voiager 5 was a shared-service fleet vehicle, not a consumer retail scooter.
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Expansion depended in part on city access. Shared scooter operators operate in a regulated, tender-based business, where permits and licenses can determine whether a company can serve a city. The financing supported Voi’s plans; it did not guarantee new approvals or market entry. Voi co-founder and CEO Fredrik Hjelm framed the ambition as building a mobility platform for European cities, but that was a company goal rather than proof of a completed expansion.
What “preparing for an IPO” meant—and what it did not
In December 2021, Voi said it would begin preparing for a possible IPO. CFO Mathias Hermansson told Reuters, “We will definitely start preparing so we have the option to go public.” Reuters also reported that he said the company had no concrete plan to list then. The preparation language meant Voi wanted the option; it did not establish a timetable, a public offering, or a commitment to go public.
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The latest located statement came in a Zag Daily interview reported July 23, 2026. Hermansson called an IPO a “natural long-term option” but said Voi had “no concrete plans nor set any timeline.” He said Lime’s market debut had not accelerated Voi’s timing, adding, “We rather continue to focus on building our business.” The status as of that interview: no concrete IPO plans or timeline.
How Voi’s business developed after the Series D
Voi’s later funding and operating reports show a business that continued to grow, but the figures need to be read by period and accounting measure.
| Period | Reported financing or operating figures | What the figures mean |
|---|---|---|
| 2023, financing announced March 2024 | VNV Global said Voi completed an oversubscribed $25 million financing round; VNV invested $5 million and converted an existing 2021 convertible loan note. VNV reported more than 68 million rides in 2023. | Investor-reported financing and ride count, not evidence of an IPO timetable. |
| Fiscal 2024 | €132.8 million net revenue, up 12.7%; 74.6 million rides; €0.1 million Adjusted EBIT. Operating profit was negative €3.3 million. | Voi’s annual report called this its first Adjusted EBIT profit. The adjusted result is distinct from its negative operating profit. |
| Fiscal 2025 | €178.2 million net revenue; 116 million rides; €29.3 million Adjusted EBITDA; €3.2 million Adjusted EBIT. Voi also reported issuing €40 million in additional bonds in October 2025. | Voi’s report showed positive adjusted measures, while unadjusted EBIT remained negative at €7.6 million. Adjusted profit is not the same as unadjusted operating profit. |
| Q2 2026, reported July 2026 | Net revenue of €68.8 million, up 47% year-on-year, and Adjusted EBIT of €11.6 million. | Figures reported by Zag Daily; they are quarter-specific and do not establish an IPO date. |
Voi’s April 21, 2026 company update said it operated more than 160,000 vehicles in over 130 towns and cities across 13 countries, had served more than 450 million rides, and had over 4 million active riders annually. These are company-reported scale figures; they describe the business, not a promise of future performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the $115 million headline is not the whole capital story
Voi’s December 2021 release said it had raised $430 million in total since its founding. TechCrunch’s contemporaneous account reported $500 million instead. The sources therefore disagree on the cumulative total, potentially because of different accounting or round-completion assumptions. The $115 million Series D amount and Voi’s statement that it raised $160 million during 2021 are the figures consistently presented in the company announcement; avoid treating either lifetime total as settled.
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The subsequent $25 million financing in 2024 and the additional bonds Voi reported in 2025 show that the company continued to access capital after the Series D. They do not, by themselves, indicate whether or when it will seek a public listing.
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Sources and reporting periods
- Voi’s December 20, 2021 funding announcement for round terms, investors, intended uses and company-reported metrics.
- TechCrunch’s December 20, 2021 report for contemporaneous IPO-preparation context and its different cumulative-funding figure.
- Reuters reporting republished by Euronews for Hermansson’s 2021 comments on IPO optionality and the lack of a concrete plan.
- VNV Global’s March 12, 2024 announcement for the later financing and 2023 ride count.
- Voi’s 2024 annual report and 2025 full-year report for reported financial and ride figures.
- Zag Daily’s July 23, 2026 report for Q2 results and the latest located IPO comments.
- Voi’s April 21, 2026 scale update for fleet, footprint and rider figures.
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