E-scooter sharing firm VOI raises $115 million, valuation crosses $1 billion

FILE PHOTO:Electric scooters from Swedish startup VOI and U.S. rival Lime sit parked in the business district in Stockholm, Sweden July 6, 2019. Picture taken July 6, 2019. REUTERS/Esha Vaish

STOCKHOLM (Reuters) - Sweden's VOI Technology, which operates e-scooter service in Europe, said on Tuesday it has raised $115 million from investors such as Raine Group and VNV Global, valuing the company at just over $1 billion.

The revenue of VOI, whose competitors include Germany's Tier and American companies Lime and Bird, has grown by 140% this year but the company has yet to record an annual profit.