Executive Summary

Fredrik Hjelm, Co-founder and CEO of Voi Technology, has steered the Stockholm-based startup from its 2018 inception to become a prominent player in the competitive European micromobility market. Hjelm’s unique background, combining a business degree from the Stockholm School of Economics (SSE) with Russian studies and military intelligence training, provided a distinct foundation for navigating the complex operational, regulatory, and financial challenges of the sector.1 His pre-Voi career included founding a sharing-economy startup (Guestit) and business development roles in international tech (Avito.ru), experiences that honed skills relevant to Voi’s business model.1

Launched in 2018 from the SSE Business Lab environment, Voi rapidly expanded its shared e-scooter and later e-bike services across Europe, driven by Hjelm’s vision of creating “Cities made for living” by offering sustainable alternatives to car dependency.4 The company’s strategy emphasized collaboration with city authorities, a “Scandinavian approach” that proved effective in securing licenses and winning major tenders in key regulated markets like the UK, Germany, and France, ultimately helping Voi achieve a leading position among European operators.8

Voi’s growth was fueled by substantial venture capital funding, exceeding $500 million across multiple rounds from prominent investors including VNV Global, Balderton Capital, Creandum, and The Raine Group, achieving a peak valuation of over $1 billion in late 2021.9 However, mirroring the broader tech market correction, Voi faced valuation markdowns and shifted focus decisively towards financial sustainability around 2021-2022.11 Through significant cost reductions, operational efficiencies driven by technology, and extending vehicle lifespans, Voi reported achieving its first full year of positive Adjusted EBITDA and Adjusted EBIT in 2024, a notable accomplishment in the sector.16

Under Hjelm’s leadership, Voi has prioritized technological innovation, developing successive generations of its Voiager e-scooters and Explorer e-bikes with enhanced safety, durability, and sustainability features.10 The company actively pursues partnerships, integrating with public transport and collaborating with tech firms on safety solutions like AI-powered pavement detection.21 Key challenges have included navigating the fragmented European regulatory landscape, addressing persistent safety concerns (leading to its “Vision Zero” commitment), and managing geopolitical sensitivities related to minority shareholders with Russian roots following the invasion of Ukraine.25

Looking ahead, Voi’s strategy centers on profitable growth, leveraging its improved financial position and operational efficiencies to capitalize on market consolidation and increasing demand for sustainable urban mobility.18 Hjelm’s outlook emphasizes continued collaboration with cities, further technological innovation, and fulfilling the company’s mission to reshape urban environments.9

I. Fredrik Hjelm: Architect of a Micromobility Leader

Fredrik Hjelm’s journey to co-founding and leading Voi Technology is underpinned by a diverse educational background and formative professional experiences that shaped his entrepreneurial approach and strategic vision.

A. Formative Years: Education and Early Ventures

Fredrik Hjelm exhibited an entrepreneurial inclination from a young age, initiating business ventures at 12 years old while growing up in rural Sweden.1 This early start foreshadowed a career focused on building enterprises. His formal academic path provided a robust and rather unique foundation. He pursued a Bachelor of Science in Business and Economics at the prestigious Stockholm School of Economics (SSE) between 2011 and 2014.1 SSE is known for its rigorous curriculum and strong network within the Nordic business community.

Concurrent with his business studies, Hjelm broadened his expertise by undertaking Russian Studies at Uppsala University, beginning in 2012.1 Further deepening this specialization, he attended the highly selective Swedish Armed Forces Interpreter Academy (Tolkskolan) from 2012 to 2013.1 At Tolkskolan, he focused on Russian Studies, Intelligence, and Linguistics, achieving the rank of Officer (OR-6).1 This combination of elite business education with specialized linguistic and military intelligence training is uncommon and suggests a deliberate cultivation of diverse skills. The business acumen from SSE, combined with the strategic analysis, planning capabilities, and potentially risk assessment skills honed through military intelligence training, alongside cross-cultural communication proficiency developed through Russian language studies, created a distinctive skillset well-suited for launching and scaling an international technology company in a complex, nascent market.

Hjelm’s time at SSE was influential beyond academics. He reflects that the experience taught him and his future co-founder Douglas Stark the meaning of “grit” – resilience and perseverance – and allowed them to build relationships with individuals who would later join them at Voi.4 It was also during this period that Hjelm explored more traditional post-graduate career paths, trying banking and consulting, but ultimately concluded they were “not for us”.4 This realization solidified his core motivation, which he describes as wanting “to be free and build things”.4 This points towards a fundamental entrepreneurial drive centered on autonomy and creation, rather than fitting into established corporate structures, likely influencing his leadership approach and Voi’s subsequent company culture. His early academic journey also included studies at Wargentinskolan in Östersund from 2008 to 2010.1 In recognition of their early success with Voi, Hjelm and Stark were listed in the Forbes 30 under 30 Europe, Class of 2020.4

The significant focus on Russian language and culture during his education, extending from university studies to specialized military training, established a strong familiarity with the region.1 This background provided context for his later professional role at a major Russian tech company and potentially facilitated network connections that played a role, albeit indirectly, in Voi later attracting investment from individuals with Russian roots.27

B. Pre-Voi Career Trajectory: Building Blocks for Disruption

Before co-founding Voi Technology in 2018, Fredrik Hjelm accumulated practical experience within the technology and startup landscape, laying crucial groundwork for his future venture. He demonstrated his entrepreneurial capabilities by founding Guestit, an Airbnb management company described as successful.1 This venture provided direct experience in the sharing economy, specifically in managing assets (properties) for short-term rental via a digital platform – a model with clear parallels to Voi’s later operations with scooters.

Hjelm also gained valuable experience within established technology companies. He worked in business development for Avito.ru, recognized as Russia’s leading classified advertising site.1 This role exposed him to the dynamics of scaling a major tech platform in a large and complex international market, complementing his academic focus on the region. Furthermore, his official Voi leadership biography mentions strategic roles at the Boston Consulting Group (BCG).2 While his reflections suggest that a long-term career in consulting was not his preferred path 4, exposure to BCG’s methodologies likely provided insights into high-level corporate strategy and analysis.

His connection to the startup ecosystem was further solidified through his time as an Incubate Member at the SSE Business Lab.3 This incubator environment, associated with his alma mater, is where Voi itself was later founded, indicating Hjelm’s early immersion in the support structures for new ventures.4

Collectively, this pre-Voi career trajectory equipped Hjelm with a potent combination of skills: practical startup founding and operational knowledge from Guestit, international market scaling experience from Avito.ru, and strategic frameworks from BCG. This blend of hands-on entrepreneurship, emerging market tech experience, and strategic consulting provided a well-rounded foundation ideally suited to launching Voi – a capital-intensive, operationally complex, and internationally focused micromobility company.

II. Voi Technology: From Conception to European Contender

Voi Technology emerged in 2018 as a European response to the burgeoning global micromobility trend, founded on a distinct vision for urban transformation and led by Fredrik Hjelm.

A. The Founding Impulse: Identifying the Urban Mobility Gap

Voi Technology was established in Stockholm, Sweden, in 2018.1 The company’s genesis was rooted in a desire to address the pressing transportation challenges facing modern cities and improve the quality of urban life.35 A key catalyst for Fredrik Hjelm was his personal experience living in Moscow for three years during his time in the Swedish army.40 He describes being “appalled at the horrendous traffic congestion… which led to pollution and ill health” in the Russian capital.39 This direct observation of the negative consequences of car-centric urban design sparked a deep fascination with the future of cities and the potential of the sharing economy.39 This problem-focused perspective, centered on tangible urban issues like congestion and pollution, appears to have been a more significant driver than merely identifying a technological or market opportunity. This is reflected in Voi’s long-standing mission statement focused on “Cities made for living”.7

Hjelm came to see electric scooters as a powerful tool to disrupt traditional transport systems and reduce over-reliance on private cars.40 A specific moment of inspiration occurred in 2017 when Hjelm observed his future co-founder, Douglas Stark, riding a “low quality e-scooter”.4 This seemingly mundane event crystallized the potential for shared e-scooters as a viable urban mobility solution. More broadly, Voi’s founding was situated within a perceived major paradigm shift in transportation – an “unbundling” of the personally owned car into a diverse ecosystem of mobility options, including e-scooters, e-bikes, and public transport.45

The timing of Voi’s launch in 2018 positioned it as a pioneer in the European e-scooter market, described as the first European operator 6 and the first to launch in multiple countries.46 This allowed Voi to potentially capture first-mover advantages in some locations. However, it also meant entering an intensely competitive environment almost immediately, facing off against rapidly expanding US giants like Lime and Bird, as well as a host of other European startups like Tier and Dott, igniting what was termed the “Scooter Wars”.38

B. Hjelm’s Co-Founding Role and Initial Vision

Fredrik Hjelm is consistently identified not only as a Co-Founder but also as Voi Technology’s Chief Executive Officer (CEO) since the company’s establishment in 2018.1 His immediate assumption of the CEO role suggests he was the primary strategic leader among the founding team from the outset, a position for which his combined background in business, strategy consulting (BCG), and prior startup leadership (Guestit) made him a logical fit.

The founding team also included Douglas Stark, who took on the role of Chief Operating Officer (COO), Adam Jafer as Tech Lead, and Filip Lindvall.3 Leveraging the resources and network of their shared alma mater, Voi was founded within the supportive environment of the SSE Business Lab.4

Hjelm’s initial vision for Voi, shared with his co-founders, centered on providing a sustainable, affordable, and enjoyable (“exhilarating”) alternative to car travel in congested urban environments.36 Crucially, from very early on, Hjelm articulated a strategic approach distinct from some of the more aggressive, and sometimes confrontational, tactics employed by competitors. In late 2018, he emphasized that Voi’s approach, rooted in its Scandinavian origins, would be based on “dialogue and transparency” with host cities.8 He stated, “We strongly believe that using city streets and infrastructure to do business cannot be done without the…source city concerned”.8 This commitment to collaboration was positioned as a core element of Voi’s corporate DNA.8 This early strategic choice proved highly significant. In the highly regulated and politically sensitive European market, where city tenders and licenses are paramount, this collaborative stance likely served as a key differentiator. It contributed significantly to Voi’s subsequent success in winning more city tenders than its rivals and securing the largest share of the regulated market in Europe.9 This suggests the “Scandinavian approach” was not merely rhetoric but a foundational element of their competitive strategy.

III. Operational Footprint and Competitive Positioning

Voi Technology has established a significant operational presence across Europe, offering a core portfolio of micromobility vehicles and navigating a dynamic and consolidating competitive landscape.

A. Service Portfolio: E-Scooters and E-Bikes

Voi’s primary service offering consists of shared electric scooters (e-scooters), designed for short-distance, last-mile urban transportation.6 Users access these vehicles through a dedicated mobile application, which allows them to locate nearby scooters, unlock them (typically via QR code scanning), and pay for usage, usually based on an unlocking fee plus a per-minute rate.15

Recognizing the need for diverse micromobility options, Voi expanded its portfolio to include shared electric bikes (e-bikes).9 The company also utilizes electric cargo bikes, not for public rental, but for its own operational purposes, such as facilitating efficient battery swaps in the field.4

A key aspect of Voi’s strategy involves the in-house development of both its hardware (the vehicles themselves) and the software platform that manages the service.23 This vertical integration provides greater control over the user experience, operational efficiency, safety features, and potentially costs, compared to relying entirely on third-party suppliers. This is evident in the evolution of Voi’s vehicle fleet, marked by successive generations of its proprietary “Voiager” e-scooter models and “Explorer” e-bikes.20 While early operations may have involved modifying existing consumer scooters 25, Voi quickly moved to designing and engineering its own models in Sweden.24

These newer vehicle generations (including Voiager models 4, 5, 7, 8 and Explorer e-bikes 3 and 4) incorporate significant improvements focused on key operational and strategic priorities.9 Durability and lifespan have been major areas of focus, critical for improving unit economics in an asset-intensive business.10 Safety enhancements include better braking systems, improved lighting, signaling indicators, and enhanced suspension.23 Sustainability is addressed through features like swappable batteries (introduced early across the fleet 6), modular designs facilitating easier repair and component reuse, increased use of recycled materials, and improved energy efficiency.4 This progression from a single-product provider to a multi-modal platform with iteratively improving, proprietary hardware underscores a strategy aimed at enhancing operational viability, sustainability, and market appeal.

B. Geographical Expansion and Market Penetration

Since launching in Stockholm in 2018, Voi Technology has executed a rapid expansion strategy, focusing exclusively on the European market.8 Unlike major US competitors with global operations, Voi concentrated its resources on becoming a leading regional player.9 This regional focus may have provided an advantage in understanding and navigating the complex and fragmented regulatory environments characteristic of European cities.

Initial expansion targeted Southern Europe, with launches in Madrid, Zaragoza, and Malaga, Spain, shortly after the Stockholm debut.36 By November 2019, Voi’s footprint had grown significantly to 38 cities across 10 European countries.56 This growth continued steadily; by late 2020, the company operated in over 45 cities in 11 countries 15, and by March 2022, it celebrated reaching 100 million rides while operating in over 80 towns and cities across 11 countries.10 More recent figures consistently place Voi’s presence at over 100 towns and cities across approximately 12 European nations.11

Key countries hosting Voi operations include its home market of Sweden, along with the United Kingdom, Germany, France, Spain, Italy, Norway, Denmark, Finland, Switzerland, Belgium, and Austria.6

A cornerstone of Voi’s expansion strategy has been successfully competing for and winning strictly regulated city tenders. This approach proved particularly crucial in markets like the UK, where Voi secured a leading position in the government-backed e-scooter trials 23, and Germany, where it was the first operator to receive accreditation.6 Other significant tender victories include securing operations in major European cities such as Paris (initially alongside competitors Tier, Dott, and Lime 49), London 54, Vienna, Oslo, Milan, Marseille 55, Antwerp, Bergen, Turin 54, and the Solent region in the UK.54 In a notable achievement, Voi became the sole micromobility operator in Bern, Switzerland.54 This consistent success in competitive tender processes underscores the effectiveness of Voi’s collaborative approach and its ability to meet stringent local government requirements regarding safety, sustainability, and operational planning.9 This track record supports Voi’s stated ambition to become the “go-to mobility platform in Europe” for cities seeking integrated and sustainable transport solutions.9

Table 1: Voi Geographical Presence (Snapshot ca. 2024)

C. Navigating the Competitive Arena: Market Share and Key Rivals

The European micromobility sector, where Voi operates exclusively, represents the largest share of the global market but is characterized by intense competition.47 Voi consistently positions itself as a, or the, leading European-native operator.6 Its primary competitors include a mix of US-based global players and other European startups.

Key rivals frequently cited are:

• Tier Mobility: A major German competitor, which acquired Ford’s Spin micromobility unit and subsequently merged with Dott in early 2024.11 The merged Tier/Dott entity represents a significant consolidated European competitor.11
• Lime: A large, US-based operator with a strong global presence, including significant operations across Europe.16 Lime reported achieving profitability in 2023.16
• Dott: A European competitor, headquartered in Amsterdam, which merged with Tier.13
• Bird: A pioneering US-based company that expanded aggressively into Europe and acquired European operator Circ, but later faced financial difficulties, filed for bankruptcy protection in late 2023, and subsequently exited the European market.13
• Bolt: An Estonian ride-hailing and mobility company that also operates e-scooter sharing services in Europe.47
• Spin: Originally owned by Ford, acquired by Tier Mobility.47

Voi faced intense competition from the outset, particularly from the well-funded US entrants Lime and Bird, framing the early market dynamics as a “David and Goliath showdown”.38 Voi’s strategic goal has been to establish the “strongest brand and most efficient operations” within this competitive field.4 Its success in securing city tenders has led to claims of holding the largest regulated market share in Europe.10

A defining characteristic of the market in recent years has been significant consolidation.11 Voi has benefited from the exit of some competitors (like Bird leaving Europe) and the complexities arising from mergers among rivals (Tier/Dott, Surf/Superpedestrian). Fredrik Hjelm noted that this consolidation dramatically reduced the number of bidders in competitive tender processes, from as many as 15-20 down to just 3-4, simplifying the landscape for remaining players.17 Voi views this consolidation trend favorably, believing it strengthens their position and creates opportunities for expansion.13

Voi’s ability to not only survive but emerge as a leader in this challenging environment – marked by high cash burn, intense competition, and market rationalization – points to an effective blend of strategic city collaboration, a relentless focus on operational efficiency, successful fundraising at critical junctures, and potentially the organizational resilience (“grit”) Hjelm values.4 However, the consolidation also creates larger, potentially more formidable competitors like the merged Tier/Dott entity, requiring Voi to continually enhance its operational edge, technological capabilities, and city relationships to maintain its leading position. Voi itself remains open to further consolidation possibilities as a means of growth.17

IV. Financial Journey: Funding Growth and Pursuing Profitability

Voi Technology’s path has been characterized by substantial capital raising to fuel rapid expansion across Europe, followed by a strategic pivot towards achieving financial sustainability amidst a changing market landscape.

A. Capital Injection Chronology: Fueling Expansion

Voi’s growth trajectory was heavily dependent on venture capital funding, particularly in its early years. The company successfully navigated multiple funding rounds, attracting significant investment to support its expansion, technology development, and fleet growth.

Table 2: Voi Technology Selected Funding History

*Note: Total funding figures reported vary across sources due to differing calculation methods, currency conversions, and inclusion/exclusion of debt. Estimates range from $136M (pre-Series C [45]) to over $540M (Mar 2024 [13]). [14] estimates $400.9M over 11 rounds.

This consistent influx of capital was explicitly used to:

• Fuel rapid geographical expansion across European cities and countries.[8, 9, 12, 13, 17, 30, 36, 46, 52, 56, 57]
• Invest in technology platform development, including the rider app and backend systems.[23, 56, 57, 58, 59]
• Develop and deploy new generations of vehicles (Voiager e-scooters, Explorer e-bikes) with improved features.[12, 20, 23, 24, 30]
• Enhance safety infrastructure and features.[23, 30]
• Ultimately, drive the company towards profitability.[30, 56, 57, 58, 59]

The ability to secure substantial funding rounds, culminating in the Series D round in December 2021 which valued Voi at over $1 billion (achieving “unicorn” status), demonstrated strong investor confidence during a period of peak investment in the micromobility sector.[9, 11, 12, 17] This confidence was largely driven by Voi’s rapid user adoption, significant ride growth, and success in winning regulated market tenders.

However, the funding landscape shifted significantly post-2021. The March 2024 funding round involved a smaller equity component alongside debt financing and the conversion of prior convertible notes.[13, 17, 30] This shift, coupled with the successful €50 million bond issuance in October 2024 [18, 19], signals a maturing financial strategy. Voi began moving away from relying solely on dilutive equity funding towards leveraging its assets and demonstrating financial stability to access non-dilutive capital sources like debt and bonds. This transition aligns with the company’s concurrent push for profitability and reflects a broader trend in the tech industry away from growth-at-all-costs financing. Securing non-dilutive funding was explicitly stated by Hjelm as a key priority for 2024.[18]

B. Investor Landscape and Valuation Dynamics

Voi’s investor roster comprises a notable mix of established European venture capital firms, later-stage international funds, and strategic angel investors, reflecting broad support within the tech investment community.

Key institutional investors who have participated across multiple rounds include:

• VNV Global: An early and consistent backer, participating from the Seed round through to the 2024 equity round.9 VNV Global CEO Per Brilioth has expressed strong confidence in Voi’s potential to win the market.23
• Balderton Capital: Led the crucial Series A round and participated in subsequent rounds, including the 2024 equity injection.14
• Creandum: Another prominent European VC firm involved from Series B onwards, also participating in the 2024 round.15 Creandum partner Johan Brenner is noted for being a demanding but supportive investor for Hjelm.72
• Project A Ventures: Participated from Series B through the 2024 round.13
• The Raine Group: A New York-based fund that led the large Series C and Series D rounds, playing a key role in Voi’s scale-up phase and participating in the 2024 round.9 Raine highlighted Voi’s understanding of the need for operator-government partnerships.23

Other significant investors include LocalGlobe, Raine Ventures (distinct from The Raine Group), Inbox Capital, Stena Sessan, Nineyards Equity, ICT Capital, Black Ice Capital, Kreos Capital (debt/venture debt), and Finnish pension fund Ilmarinen.9 The participation of high-profile angel investors, including founders and executives from successful European tech companies like Klarna, iZettle, Delivery Hero, King, and BlaBlaCar, as well as US tech giants like Amazon, Tinder, and Zillow, further underscores Voi’s strong network and perceived potential within the ecosystem.23

Voi’s valuation trajectory mirrors the volatility of the tech market and the micromobility sector. Reaching a valuation exceeding $1 billion with the Series D round in December 2021 marked its entry into the coveted “unicorn” club.11 However, the subsequent downturn in tech funding and increased investor focus on profitability led to significant adjustments. Major shareholder VNV Global, for instance, marked down Voi’s internal valuation to approximately SEK 3.7-3.9 billion (around $340-$380 million USD) by early 2024.11 The March 2024 equity financing was reportedly conducted at this substantially lower valuation level.11 This dramatic swing highlights the sector’s sensitivity to macroeconomic conditions and shifting investor sentiment, moving away from prioritizing hypergrowth towards demanding a clear path to sustainable financial performance.

Investor relations also faced geopolitical challenges. Voi confirmed that two investors with Russian roots, Aleksander Eliseev and Ilya Yushaev, held a minority stake of approximately 4% acquired prior to the 2022 invasion of Ukraine.27 This became a point of controversy, particularly in the UK market.28 (See Section VII.C for further details on this issue).

C. Strategic Pivot: The Road to Financial Sustainability (Revenue, Margins, EBITDA/EBIT)

Confronted by the challenging funding environment and the inherent difficulties in achieving profitability in the capital-intensive micromobility sector, Voi initiated a significant strategic pivot around 2021-2022, shifting its primary focus from rapid expansion to achieving financial sustainability.18 Fredrik Hjelm acknowledged this shift, noting Voi was among the first in the industry to start reducing cash burn in 2021.18

This pivot involved implementing substantial cost-cutting measures. Voi undertook significant reductions in central overhead costs, reporting a near 50% decrease between mid-2022 and early 2024.13 This included painful but necessary workforce reductions. In late 2022, approximately 130 employees (around 13% of the workforce) were laid off, followed by another round affecting roughly 120 office-based roles (around 12% of the remaining workforce) in early 2024.11 Voi stated these cuts were essential to adapt to market conditions and become self-sustainable without relying on continuous external funding.11

Alongside cost reduction, Voi intensified its focus on improving core operational efficiency and unit economics. This involved leveraging technology, such as using machine learning to predict vehicle maintenance needs and optimize battery charging schedules.16 A critical element was extending the operational lifespan of its vehicles through robust maintenance and refurbishment programs, significantly improving asset utilization.10

These efforts began yielding tangible results. Voi had reported reaching operational profitability company-wide during the summer of 2020 9 and had achieved profitability in certain individual cities even earlier.56 However, the push post-2021 aimed for profitability at the group level, including covering substantial overheads.

Financial performance showed marked improvement in 2023. Revenue grew significantly over the preceding two years (nearly 50%), gross profit more than doubled, and the Group Gross Margin reached 49%.11 The Group EBITDA margin improved dramatically by 25 percentage points to -2.5%.44 Voi also achieved its first quarter of positive EBIT (Earnings Before Interest and Taxes) at the group level during 2023.11

The culmination of this strategic pivot was realized in the full-year results for 2024. Voi reported its first-ever positive annual Adjusted EBITDA of €17.2 million, a significant turnaround from a negative €1.7 million in 2023.16 Even more critically, the company achieved its first positive annual Adjusted EBIT of €0.1 million, compared to a loss of €31.1 million in 2023.16 This milestone, achieved ahead of the initial 2025 target 18, was driven by continued revenue growth (Net Revenue up 13% YoY to €132.8 million, accelerating to 33% YoY growth in Q4), improved Vehicle Profit Margin (reaching 57.0% in 2024), optimized cost structures, and the impact of longer vehicle lifespans.16

This achievement of positive adjusted earnings is a major landmark for Voi, demonstrating the viability of its business model and operational strategy in a sector where profitability has proven elusive for many. It validates the difficult decisions made during the strategic pivot and positions Voi favorably compared to competitors still grappling with significant losses, potentially improving its access to future capital and strengthening its hand in negotiations with city partners who increasingly prioritize financial stability in operators. The substantial improvement in vehicle and gross margins indicates that success stems not just from cutting overheads but from fundamental gains in operational efficiency and asset management, suggesting a sustainable path forward.

V. Leadership in Motion: Fredrik Hjelm’s Philosophy and Vision

Fredrik Hjelm’s leadership at Voi is characterized by a blend of pragmatic execution, a strong entrepreneurial drive, and a clear, mission-driven vision for urban transformation.

A. Articulated Leadership Style and Entrepreneurial Maxims

Hjelm describes his own role at Voi as encompassing a broad range of functions, including HR, Finance, Product/Technology, and Strategy.4 This hands-on involvement across key business areas reflects the typical demands on a startup CEO. His core motivation remains consistent with his pre-Voi aspirations: “I wanted to be free and build things!".4

His advice to fellow and aspiring entrepreneurs reveals key aspects of his philosophy:

• Bias for Action: He frequently advocates simply starting: “Just do it!".4 He encourages students to leverage their university years for experimentation, noting the relative lack of obligations beyond exams makes it an ideal time to found companies.4
• Speed Over Perfection: Hjelm believes that in the startup world, “speed beats perfection 99 times out of 100” 25, referencing Voi’s early days of adapting existing scooters to launch quickly rather than waiting for a perfect, potentially non-existent, solution.25
• Importance of Network and Challenge: He advises entrepreneurs to surround themselves with people capable of challenging their thinking, fostering critical assessment rather than echo chambers.40
• Ambition and Vision: Hjelm encourages entrepreneurs to “Think big,” asserting that ambitious goals, like reshaping cities, are not naive.40
• Pragmatism and Detail: Drawing explicitly on his military background, he stresses the critical importance of logistics, detailed planning, and having fallback positions, particularly when managing complex operations involving physical assets and personnel.40
• Focus and Balance: He highlights the need for entrepreneurs to balance long-term strategic goals with immediate operational priorities.40
• Understanding Luck and Skill: He references the concept of different types of luck, advising entrepreneurs to identify their natural skills, combine them (potentially becoming top 1% in a rare combination), and pursue ventures aligned with these strengths and passions.74
• Investment Realism: When discussing fundraising, he acknowledges the importance of perception, suggesting that securing investment is perhaps 10% about data and 90% about projecting strength and creating a sense of “fear of missing out,” even citing the “Fake it til you make it” approach often associated with US fundraising culture.25

Transparency is another recurring theme in Hjelm’s communication style. He has emphasized Voi’s commitment to transparency and dialogue, particularly in its relationships with city partners 6 and internally regarding purpose.75 This commitment was notably put to the test during the controversy surrounding investors with Russian connections, where Voi opted for public communication and explanation.27 Similarly, Voi has committed to transparency in its sustainability reporting.7 This consistent emphasis suggests transparency is viewed as a core principle for building trust with diverse stakeholders – cities, riders, employees, and the public – which is crucial for navigating the complexities of regulation and public perception.

An external perspective from investor Johan Brenner (Creandum) characterizes Hjelm as one of the most demanding investors he’s encountered, suggesting a high-performance expectation, but also notes Hjelm’s constant availability (24/7/365) to provide support.72 This paints a picture of an intense but engaged leader.

Overall, Hjelm’s leadership appears to synthesize a detail-oriented, pragmatic execution style, likely influenced by his military training, with the rapid iteration and action bias typical of successful startup founders. This is overlaid with a strong, guiding long-term vision, providing strategic direction for the company’s fast-paced operations.

B. Core Vision: “Cities Made for Living” and Urban Transformation

The central, unifying vision driving Fredrik Hjelm and Voi Technology is the concept of “Cities made for living”.7 This vision entails transforming urban environments away from the dominance of private cars, aiming for cities that are free from the negative externalities of traffic congestion, noise pollution, and poor air quality.7

Micromobility, primarily through Voi’s shared e-scooters and e-bikes, is positioned as a critical enabler of this transformation.7 Voi’s services are presented as a sustainable, efficient, convenient, and even enjoyable alternative for short urban trips, explicitly aiming to replace car journeys.10 Furthermore, Voi emphasizes the role of micromobility in complementing existing public transportation systems, providing crucial first-and-last-mile connectivity to make the overall public transit network more seamless and appealing.7

To quantify this ambition, Voi has set a specific target: to replace 1 billion car trips across Europe by the year 2030.9 This vision aligns with broader urban planning concepts like the “15-minute city,” championed by Professor Carlos Moreno, which advocates for designing neighborhoods where essential needs are accessible within a short walk, scooter, or bike ride.43

This “Cities made for living” narrative serves multiple strategic purposes. Beyond defining the company’s mission, it functions as a powerful communication tool for engaging with city planners, policymakers, and the public. By framing Voi’s service as a solution to widely recognized urban problems (congestion, pollution, car dependency) and aligning it with prevailing public policy goals (sustainability, livability, efficient transport), Voi strengthens its value proposition in competitive tender processes and potentially fosters greater regulatory acceptance and public support. Achieving this vision, however, requires Voi to operate as more than just a vehicle rental service. It necessitates active participation in urban planning discussions, strategic data sharing with municipalities for infrastructure improvement, and forging deep partnerships with public transport authorities to ensure genuine integration into the urban mobility ecosystem.22

C. Stance on Sustainability, Safety (Vision Zero), and Technological Integration

Sustainability and safety are positioned by Hjelm and Voi not merely as operational requirements but as fundamental pillars of the company’s identity and strategy.4 Hjelm has stated that sustainability is “in our DNA” 39, influencing decisions from product design through to daily operations.

Voi achieved operational carbon neutrality in January 2020.6 Building on this, at the COP26 climate summit in November 2021, Voi made a more ambitious pledge: to become carbon positive by 2023.10 Key sustainability initiatives underpinning these goals include: powering operations and warehouses with renewable energy, transitioning operational support fleets to fully electric vehicles (target: early 2023), significantly extending vehicle lifespans to reduce manufacturing impacts, increasing the use of recycled materials in vehicle construction, aiming to source battery cells produced in Europe (which have a lower carbon footprint), sourcing e-bikes and potentially future e-scooters from European manufacturers, working with suppliers to promote renewable energy use in the supply chain, and ultimately, driving modal shift by replacing car trips.4 While Voi continues to report on its sustainability efforts, such as achieving ISO 14001 environmental management certification in several key markets 7, recent communications reviewed did not provide a specific update on the status of the “Carbon Positive by 2023” pledge.10 The absence of confirmation regarding this highly ambitious target suggests potential challenges in its achievement or complexities in its definition and verification, warranting further scrutiny of Voi’s environmental performance claims against this specific goal.

Safety is presented as an equally critical priority, encapsulated by Voi’s adoption of the “Vision Zero” commitment – aiming to eliminate all severe injuries and fatalities throughout its value chain by 2030.9 This aligns Voi with the safety goals of many cities and governments. Voi has transparently identified key safety risks associated with shared micromobility, including the danger posed by heavy vehicles, inadequate road infrastructure for vulnerable users, rider inexperience (especially during initial rides), non-compliance with traffic rules, riding under the influence of alcohol or drugs, unsafe pavement riding, and hazardous parking.26

To address these risks, Voi employs a multi-faceted strategy:

• Education: Providing comprehensive safety information during rider onboarding and operating the RideSafe Academy (formerly RideLikeVoila), the first accredited online traffic school for e-scooter riders, which has trained hundreds of thousands of users.6
• Technology: Implementing features like a Beginner’s Mode with reduced speed limits, an in-app cognitive reaction test to discourage intoxicated riding, experimental technology to detect and deter twin riding (carrying passengers), alerts and interventions (potentially using AI/computer vision) to prevent pavement riding, and the “Helmet Selfie” feature offering discounts to incentivize helmet use.21 Geofencing technology is used to enforce slow-speed zones, no-riding zones, and mandatory parking areas in collaboration with cities.20
• Hardware: Designing safer vehicles with improved braking, lighting, stability, and other safety-critical components in successive Voiager models.10
• Partnerships: Collaborating with technology providers like Drover AI for advanced AI-powered pavement riding detection 21 and Luna for computer vision capabilities, including real-time pedestrian detection.23

This strategic emphasis on sustainability and safety serves as more than just responsible corporate practice; it functions as a core part of Voi’s brand identity and a competitive differentiator, particularly vital for building trust with safety-conscious European municipalities and users. The proactive investment in advanced safety technologies like AI and computer vision demonstrates a commitment to mitigating the inherent risks of e-scooter usage, addressing key regulatory concerns, and improving public acceptance of micromobility services.21

VI. Charting the Course: Milestones, Partnerships, and Innovation

Voi Technology’s journey under Fredrik Hjelm’s leadership has been marked by rapid operational growth, strategic alliances across the mobility ecosystem, and continuous technological advancement.

A. Key Operational and Growth Milestones (Rides, Tenders, Accreditations)

Voi experienced explosive growth in its early years, rapidly accumulating ride milestones that validated the strong market demand for shared micromobility. Key milestones include:

• 1 Million Rides: Achieved in March 2019, approximately seven months after launching.6
• 2 Million Rides: Reached quickly thereafter in May 2019.10
• 10 Million Rides: Surpassed by September 2019.10
• 14 Million Rides: Reported by November 2019.57
• 90 Million+ Rides: Total accumulated by December 2021.9
• 100 Million Rides: Celebrated in March 2022, coinciding with expansion into its 100th city.10 The milestone ride occurred in Seville, Spain.10
• 250 Million Rides: Reached in May 2024, with the milestone ride again in Seville.54
• 300+ Million Rides: Claimed on Voi’s careers page (undated).64
• 68 Million Rides in 2023: Indicating continued high usage volume.11

This rapid adoption curve, particularly the jump from 1M to 10M rides within roughly six months in 2019, highlights the initial fervor surrounding e-scooter sharing. The sustained growth to hundreds of millions of rides indicates that micromobility has become an integrated transport mode for a significant user base across Europe.

Beyond ride volume, Voi achieved critical milestones related to market access and credibility:

• Tender Wins: Secured numerous competitive tenders across Europe, establishing itself as the operator with the largest regulated market share.10 Notable wins include leadership in UK government trials 23, and operations in major cities like London, Paris, Vienna, Oslo, Milan, Marseille, Bern (sole operator), Antwerp, Bergen, and Turin.49
• German Accreditation: Became the first e-scooter company to receive accreditation in Germany, a key European market with specific vehicle requirements.6
• RideSafe Academy: Launched the first accredited online traffic school specifically for e-scooter riders (initially RideLikeVoila), addressing safety concerns proactively and training over 600,000 riders.6
• Carbon Neutrality: Achieved operational carbon neutrality in January 2020.6

These milestones, particularly the tender wins and accreditations, were likely strategic moves designed to build trust with regulators and the public, reinforcing Voi’s collaborative approach and strengthening its competitive position in tightly controlled European markets. The company also reported impressive financial growth during its expansion phase, such as 140% year-on-year revenue growth in 2021.9

B. Strategic Alliances and Ecosystem Integration

Voi has actively pursued partnerships across the urban mobility ecosystem, recognizing that collaboration is essential for long-term success and integration. A cornerstone of its strategy is building strong relationships with cities and local communities.7 This involves close dialogue on operational plans, safety measures, and aligning with local transport goals.

Integration with existing public transport networks is a key focus, positioning Voi’s services as a convenient solution for the first and last mile of a journey.7 Practical examples include offering discounted Voi rides to public transport ticket holders in Lubeck, Germany 24, and launching an innovative pilot project in partnership with Dublin Bus.53 Research cited by Voi indicates that a significant portion of e-scooter rides (e.g., one in three according to a Swedish study) connect with public transport, supporting this integration strategy.54

Voi has also formed strategic partnerships with technology providers to enhance its service offering, particularly around safety:

• Drover AI: Partnered to implement AI-powered computer vision technology to detect and ultimately prevent hazardous pavement riding.21
• Luna: Collaborated with the Irish startup to integrate computer vision for e-scooters, enabling features like real-time pedestrian detection.23
• Onfido: Partnered for robust rider identity verification solutions.23

These technology partnerships allow Voi to incorporate cutting-edge safety features, addressing key concerns of cities and users.

Furthermore, demonstrating a degree of industry maturity and shared interest in navigating regulatory challenges, Voi collaborated with major competitors – Dott, Lime, Superpedestrian, and Tier – in March 2023.51 Together, the CEOs of these five companies issued joint industry recommendations to European cities, outlining best practices for managing micromobility services safely and sustainably as cities transition from pilot programs to permanent regulations. Recommendations covered aspects like determining the appropriate number of operators per city (suggesting 2-3 for fleets over 1,000 vehicles), managing fleet sizes to balance availability and tidiness (suggesting initial deployment of 80-120 vehicles per sq km), and ensuring sufficient program length for user reliance.51 This unusual cross-competitor collaboration highlights the recognition of shared challenges related to public perception, safety, and regulation, suggesting a collective effort to ensure the industry’s long-term viability and positive relationship with municipalities. Voi’s multi-faceted partnership strategy aims to embed its services deeply within the urban mobility fabric, enhance safety and functionality through technology, and contribute to shaping a favorable regulatory environment.

C. Technological Advancement: The Voiager Evolution and Safety Features

Continuous investment in research and development (R&D) for both hardware and software has been central to Voi’s strategy under Fredrik Hjelm.23 This focus has driven the evolution of its vehicle fleet and the sophistication of its operational platform.

The Voiager e-scooter series represents the core of Voi’s hardware innovation. While initial operations might have involved adapting existing consumer models 25, Voi quickly moved to in-house design and engineering, conducted in Sweden.24 Each subsequent Voiager generation aimed to improve upon the last, focusing on key areas:

• Durability and Lifespan: A critical factor for unit economics. Lifespan estimates increased significantly from early industry norms (e.g., 6 months 50) to over 18 months targeted for V2 62, and reaching reported lifespans of 4.6 years for Voiager 4 and over 5 years for Voiager 5.10
• Safety: Incorporating better brakes, brighter lights, turn signals, improved suspension, and enhanced location accuracy.23
• Sustainability: Introducing swappable batteries early on 4, designing for modularity to facilitate repair and component reuse 10, increasing the use of recycled materials 10, and reducing energy consumption (Voiager 8 reportedly has 54% lower power consumption 20).
• Operational Efficiency: Interchangeable batteries streamline logistics 24, while features like enhanced positioning and parking accuracy in newer models (Voiager 8) improve fleet management and compliance.20

Specific models highlighted include the Voiager 1 (designed for German regulations), Voiager 2 (longer range, swappable battery) 24, Voiager 4 10, the highly durable and circular Voiager 5 9, Voiager 7 54, and Voiager 8.20 Voi also introduced Explorer e-bike models (Explorer 3, 4, and Light 1).20 This continuous hardware iteration is essential for improving the financial viability of the asset-heavy micromobility model.

Beyond the vehicles themselves, Voi leverages technology integrated into its platform and vehicles:

• AI and Computer Vision: Partnering with Drover AI and Luna to detect pedestrians and pavement riding, enabling interventions or warnings.21
• IoT Sensors: Equipping vehicles with sensors to monitor location, acceleration, tilt, and overall vehicle health, sending data to the backend for analysis and automation.29 This supports predictive maintenance.16
• In-App Safety Features: Deploying tools like the cognitive reaction test for sobriety, twin riding detection algorithms, Helmet Selfie incentives, and safety tutorials within the rider app.29
• Geofencing and Parking Tech: Utilizing GPS and other sensors for precise location awareness to enforce speed limits in designated zones, prevent riding in restricted areas, and guide users to proper parking spots using features like the parking assistant.20

The increasing integration of sophisticated technology (IoT, AI, advanced sensors) effectively transforms Voi’s e-scooters and e-bikes from simple transport devices into mobile data-gathering platforms. This data is crucial for enhancing safety, optimizing operations (like fleet deployment and maintenance), improving the user experience, and potentially providing valuable insights to city partners for urban planning and infrastructure development.16

VII. Navigating Headwinds: Challenges and Controversies

Despite its growth and success, Voi Technology, under Fredrik Hjelm’s leadership, has faced significant challenges inherent to the micromobility industry, including operational hurdles, safety concerns, complex regulations, and geopolitical sensitivities.

A. Addressing Operational and Safety Imperatives

Safety remains a paramount concern and operational challenge for Voi and the entire micromobility sector. Voi’s own safety reports and consultations with experts identify several key risk factors contributing to accidents and incidents 26:

• Infrastructure Deficiencies: Lack of safe, dedicated infrastructure like protected bike lanes poses significant risks for e-scooter riders and other vulnerable road users interacting with heavier, faster vehicles.26
• Rider Behavior: Inexperience (especially during initial rides), failure to comply with traffic regulations, and riding under the influence of alcohol or drugs are critical risk factors.26
• Misuse of Public Space: Riding on pavements (sidewalks) and improper parking create hazards and friction with pedestrians and other road users.26 This was a specific concern raised in Bristol.28

Voi actively works to mitigate these risks through its comprehensive safety program, aiming for “Vision Zero” – the elimination of severe injuries and fatalities by 2030.9 Mitigation strategies involve rider education via the RideSafe Academy 6, technological interventions like sobriety tests and pavement riding detection 21, geofencing to control speed and access in sensitive areas 65, promoting helmet use through incentives 29, and continuous improvement in vehicle safety design.10

However, issues like pavement riding and poor parking remain persistent challenges that technology alone cannot fully solve.21 Voi acknowledges the need for better physical infrastructure, such as designated parking areas, and advocates for such improvements.29 Managing accidents and injuries, regardless of mitigation efforts, remains an ongoing operational reality and reputational risk, reinforcing the importance of the Vision Zero goal.

Beyond safety, operational challenges include the complex logistics of deploying, maintaining, and recharging/swapping batteries for a large fleet of vehicles spread across urban areas.4 Ensuring vehicle availability, particularly during peak demand periods or unforeseen events like public transport strikes (where Voi usage surged in Germany 54), requires sophisticated fleet management. Vandalism and theft, while not explicitly detailed in the provided materials, are known industry challenges implicitly addressed by Voi’s focus on vehicle durability and tracking technology. Effectively managing these operational complexities is crucial for maintaining service quality and achieving profitability. The inherent safety risks and operational demands underscore why continuous investment in technology, education, hardware, and infrastructure advocacy is essential for Voi’s long-term viability and public acceptance.

B. The Regulatory Maze and City Collaboration Dynamics

Operating across numerous countries and over 100 cities in Europe means Voi must navigate a complex patchwork of local, regional, and national regulations governing micromobility.76 This fragmented regulatory landscape presents a significant operational challenge and source of uncertainty. Regulations cover aspects such as vehicle specifications, speed limits, permitted riding areas (streets vs. bike lanes vs. pavements), parking rules, fleet size caps, and operator licensing requirements.

Voi has actively advocated for clearer, more consistent, and supportive legislative frameworks. A particular focus has been the United Kingdom, where e-scooter usage operates largely under government-led trials. Hjelm has publicly urged the UK government to establish a clear, permanent legal framework for both shared rental schemes and privately owned e-scooters, arguing the current situation lacks clarity for operators, local councils (who often cannot launch schemes independently of national trials), and users.10 The goal is to move beyond temporary pilot programs towards stable, long-term regulations that allow the industry to operate predictably.51

Voi’s primary strategy for navigating this maze has been its emphasis on close collaboration and transparent dialogue with city authorities and transport bodies.6 This partnership approach is crucial for winning competitive tenders, which often evaluate operators based on their proposed plans for safety, sustainability, parking solutions, and integration with city goals.11 Adhering to city-specific requirements, such as geofenced no-ride or slow-ride zones and designated parking areas, is essential for maintaining operating permits.68

Challenges in city relationships can arise from issues like fleet management (balancing availability with concerns about street clutter and oversaturation 51) and ensuring compliance with local rules. The joint industry recommendations issued by Voi and its competitors aimed to provide cities with best-practice guidelines on managing these aspects effectively.51 Voi’s success demonstrates that its collaborative “Scandinavian approach” 8 has been effective in building the necessary trust and partnerships to operate successfully within Europe’s complex regulatory environment. However, the lack of harmonization remains a persistent hurdle, requiring significant effort to manage operations across diverse legal frameworks.

C. Investor Relations and Geopolitical Sensitivities (Russian Shareholder Issue)

In early 2022, following Russia’s full-scale invasion of Ukraine, Voi faced significant public scrutiny and political pressure regarding two of its minority shareholders, Aleksander Eliseev and Ilya Yushaev, who had connections to Russia.27 Together, these individuals held approximately 4% of Voi’s shares, acquired prior to the invasion.27 While Voi confirmed that neither individual was on any international sanctions list 27, their presence on the cap table generated controversy, particularly in the UK, where the Metro Mayor of the West of England (covering Bristol) publicly expressed concern and initially threatened the continuation of Voi’s e-scooter trial.28

Voi’s response involved several steps aimed at managing the crisis and addressing stakeholder concerns:

• Public Condemnation and Support for Ukraine: Voi issued public statements unequivocally condemning the invasion as a violation of international law and human rights, expressing solidarity with Ukraine, and affirming support for EU, UK, and US sanctions against Russia.27
• Operational Changes: Voi ceased all its business activities in Russia and Belarus, including the resale of refurbished vehicles, and committed to divesting its minority stake in a Russian micromobility company.27 The company also highlighted donations (including ride revenue) to UNHCR and support for Ukrainian employees and refugees.27 Voi scooters across Europe were programmed to blink in Ukrainian flag colors for a period.27
• Transparency and Engagement: Fredrik Hjelm addressed the issue directly in an open letter 27 and engaged with concerned officials, such as meeting with Bristol’s mayor Dan Norris for a press conference.28
• Mitigation of Influence: To address concerns about potential influence (despite the small stake), Voi announced that the voting rights associated with the approximately 4% shareholding were temporarily transferred to CEO Fredrik Hjelm.27
• Exploring Resolution: Hjelm stated that Voi would not accept investments from Russian-connected individuals moving forward and was actively exploring options to “sort that situation out” regarding the existing shareholding, while emphasizing the need to respect corporate law and shareholder rights.28 He acknowledged the practical complexities involved, such as finding a willing buyer for the shares and agreeing on a price.28 He also made a point of distinguishing between the Russian regime and Russian individuals who might oppose its actions.27

This episode underscored the unexpected geopolitical risks that can impact technology startups with diverse international investor bases. Voi’s handling of the situation involved a strategy balancing immediate reputational damage control and demonstrating corporate values with the legal and financial realities of dealing with existing shareholders. It likely prompted a re-evaluation of investor due diligence processes within Voi and potentially other European tech companies, incorporating geopolitical considerations more explicitly alongside financial and strategic alignment. The difficulty Hjelm described in finding a resolution also highlights the practical challenges of unwinding such investments once made, especially under sensitive circumstances.

D. Labor Practices and Workforce Management

The provided research materials offer limited specific information regarding Voi’s labor practices, particularly concerning its field workforce (mechanics, battery swappers, fleet rebalancers) or potential controversies related to gig work models or unionization efforts within the company.

The available information primarily relates to workforce adjustments made as part of the company’s strategic pivot towards profitability. Voi implemented significant reductions in its office-based workforce:

• A layoff affecting approximately 130 employees (around 13% of the workforce) occurred in late 2022.11
• Another round of redundancies impacting roughly 120 office positions (including full-time, part-time, consultant roles, and vacancies, representing ~12% of the workforce) took place in early 2024.55

Voi stated these reductions were necessary to adapt to market conditions, reduce overhead costs (achieving nearly a 50% reduction since mid-2022), and accelerate the path to profitability and self-sustainability.11 The company emphasized that non-office roles in local markets (e.g., mechanics, field workers) were “largely unaffected” by the 2024 changes.55 Fredrik Hjelm acknowledged the difficulty of these decisions, referring to employees as the company’s most valuable asset but stressing the need for companies to adapt to ensure their own destiny.55

Beyond these workforce adjustments driven by financial strategy, the snippets do not detail the employment models used for field staff (direct employment vs. contractors/gig workers), wage levels, working conditions, or any specific labor disputes or union activities related to Voi. General industry reports sometimes touch upon challenges related to gig work in the broader mobility sector 77, but no specific controversies involving Voi’s labor practices were identified in the reviewed sources.76 Therefore, based solely on the provided material, a detailed assessment of Voi’s labor practices beyond the reported layoffs is not possible.

VIII. Future Trajectory: Strategy and Industry Evolution

Voi Technology’s future strategy under Fredrik Hjelm appears focused on consolidating its position as a leading European micromobility operator by prioritizing profitable growth, leveraging technological innovation, and navigating the ongoing evolution of the urban mobility landscape.

A. Continued Focus on Profitability and Sustainable Growth

Having achieved positive Adjusted EBITDA and Adjusted EBIT for the full year 2024 16, Voi’s primary strategic focus remains on maintaining and enhancing profitability while pursuing sustainable growth. Hjelm stated that the focus for 2025 is on “profitable growth and capitalizing on the high operating leverage inherent in our business model”.18 The company aims to build on the significant efficiency gains already achieved through cost optimization and improved operational practices.13

The successful pivot to profitability and the strengthening of its financial position (including the 2024 bond issuance and conversion of convertible notes) have put Voi in a more resilient position.18 Hjelm noted that Voi was one of the first operators to regain access to large-scale growth capital, enabling investment in the next generation of vehicles for deployment in Spring 2025 to capture untapped demand.18 This indicates a strategy of disciplined expansion, funded through a combination of equity, debt, and operating cash flow, rather than returning to the cash-burning hypergrowth model of earlier years. The goal is to be “self-sustainable”.55

B. Navigating Market Consolidation and Expansion Opportunities

The ongoing consolidation within the European micromobility market is viewed by Voi as a significant opportunity.11 With fewer competitors remaining after mergers (Tier/Dott) and exits (Bird), Voi sees a clearer path to winning tenders and expanding its market share.17 The March 2024 financing round was explicitly intended to position Voi to “seize the opportunity presented by… the rapid consolidation in the industry” and put the company in a “great place to expand”.13

Expansion efforts focus on both deepening penetration in existing markets and entering new cities.13 This includes deploying larger fleets and introducing newer vehicle models (Voiager 8 e-scooter, Explorer 4 and Light 1 e-bikes) to meet growing demand.18 New city launches planned for 2025 include locations in France (Le Havre, Saint-Quentin-en-Yvelines) and Germany (Mannheim), along with introducing e-bikes to existing markets like London and Cambridge.20 Voi remains open to further consolidation possibilities as a potential avenue for growth.17

C. Outlook on Technological Innovation and Industry Trends

Technological innovation remains a key pillar of Voi’s strategy. Future developments are expected to focus on further enhancing vehicle safety, durability, and operational efficiency. Hjelm expressed confidence in “exciting technological developments” that can help achieve the Vision Zero goal.40 This likely includes continued advancements in areas like sensor technology, AI-powered safety features (e.g., improved pavement/pedestrian detection), battery technology, and vehicle diagnostics.16

Voi anticipates continued growth in consumer demand for micromobility as cities increasingly shift away from car-centric policies towards promoting sustainable transportation options.13 The company aims to further integrate its services with public transport networks, creating a seamless multi-modal travel experience for users.9 Hjelm envisions Voi evolving into the “go-to mobility platform in Europe,” working closely with cities to shape a new vision of urban transport.9

The company also remains committed to its sustainability goals, including further reducing the environmental impact of its operations and supply chain, potentially through initiatives like increased local sourcing and circular economy practices.12 Overall, Hjelm’s outlook is optimistic, seeing the micromobility industry maturing with clearer regulations and improving economics, positioning Voi to capitalize on these trends and continue its mission of creating “cities made for living”.13

IX. Conclusion

Fredrik Hjelm has successfully navigated Voi Technology through the volatile early stages of the European micromobility market, establishing the company as a leading regional operator. His unique educational and professional background appears to have equipped him with the blend of strategic vision, operational discipline, and collaborative approach necessary to compete effectively.

Voi’s journey highlights the key dynamics of the sector: the potential for rapid growth fueled by strong user demand and venture capital, the critical importance of navigating complex local regulations through city partnerships, the intense competitive pressures leading to significant market consolidation, and the imperative shift from hypergrowth towards achieving financial sustainability.

The company’s strategic emphasis on collaboration with cities, coupled with continuous investment in proprietary vehicle technology focused on safety, durability, and operational efficiency, has been central to its success in winning tenders and building a substantial market presence. The achievement of positive Adjusted EBITDA and EBIT in 2024 represents a critical milestone, potentially positioning Voi for more stable, profitable growth in a consolidating market.

Significant challenges remain, including the ongoing need to improve safety outcomes towards the ambitious Vision Zero goal, advocate for clearer and more supportive regulatory frameworks across Europe, and manage the operational complexities of a large, distributed fleet. The company must also continue to innovate technologically to maintain its competitive edge against remaining rivals, particularly the newly merged Tier/Dott entity.

Fredrik Hjelm’s leadership will continue to be tested as Voi seeks to capitalize on market consolidation, expand its service offerings (including a greater role for e-bikes), and solidify its position as a financially sustainable and integral part of Europe’s evolving urban transportation ecosystem. The company’s ability to maintain its collaborative relationships with cities, deliver on its sustainability commitments, and continue improving its operational efficiency will be crucial for realizing its long-term vision of “Cities made for living.”

Works Cited

(The original document included superscript numbers for citations, e.g., 1, 2, etc. A full bibliography or list of works cited would typically follow here. Since the list of works cited was not provided in the original text, this section is a placeholder.)