February 16, 2024

Voi lays off 120 people in the search for profitability

The company announced that it's cutting 12% of its workforce as mircomobility startups feel the crunch during the economic downturn

Tim Smith

2 min read

Swedish electric scooter startup Voi Technology is laying off 120 people — around 12% of its workforce — the company has announced.

Around 70 people losing their jobs are full-time employees, with the rest being consultant and part-time positions, Voi stated in a press release. Non-office roles, such as mechanics and field workers, are “largely unaffected by the changes”, according to the company.

CEO and cofounder Fredrik Hjelm said: “It's incredibly difficult to bid farewell to some of our highly-valued colleagues who have made significant contributions to Voi.


“(The company's) focus remains on providing the best service for our riders and cities, and we are committed to achieving full profitability.”

Hjelm, who cofounded the company in 2018,  added Voi has reduced “central overhead costs by nearly 50% since mid-2022”.

The startup said last year it had grown its gross profit by 22% and gross margin by 49%.

The cuts at Voi come after a bruising year for the micromobility sector. In January, electric scooter and bike companies Dott and Tier announced they would merge after the latter laid off 20% of its workforce in late 2023. 

German publication Manager Magazin reported the merger will value the new company at €150m — a significant decrease from Tier’s 2021 valuation of €2bn.

Sifted have contacted Voi for comment.

Tim Smith

Tim Smith is news editor at Sifted. He covers deeptech and AI, and produces Startup Europe — The Sifted Podcast . Follow him on X and LinkedIn