- Tallinn-based Vok Bikes secures €3.8M funding for European expansion.
- Vok Bikes aims to revolutionize urban logistics with ecargo bikes.
- The ecargo bike market is growing rapidly, Vok Bikes aim to capitalise on the growth.
Tallinn-based startup Vok Bikes has raised €3.8 million in seed funding
The investment comes from SmartCap, Jaan Tallinn’s Metaplanet, Specialist VC, Sunly and a €300K grant from Enterprise Estonia. Vok Bikes designs and manufactures ecargo bikes for urban logistics, aiming to revolutionise transportation sustainably.
Vok Bikes plans to expand its ecargo bike fleets across Europe. This will solidify their position as a leading technology innovator in the industry.
Local governments promote sustainability by implementing measures like congestion charges and parking costs. As a result, companies in various industries are turning to cargo bikes.
The ecargo bike market, valued at over €1.2 billion in Europe, is experiencing steady growth. In 2022, the B2B cargo bike market expanded by over 100%, with Germany alone releasing 200,000 ecargo bikes.
Vok Bikes’ ebikes offer numerous advantages. They emit 24 times less CO2, have a five times lower kilometre cost, and are 60% faster than cars in urban settings.
Vok Bikes recently launched a new model in the UK, catering to multinational freight companies and large-scale e-commerce businesses. The expanded cargo space meets their needs effectively.
Custom developments set Vok Bikes apart from competitors. They focus on battery technology and brake systems, significantly reducing the total cost of ownership. Maintenance intervals have been extended to once a quarter, compared to the 3-4 week intervals in the industry.
With the funding injection, Vok Bikes is set to deliver an additional 1,000 cargo bikes across Europe in the coming year. We’re hoping this injection of funding will accelerate the decarbonisation of city centres and urban areas across the continent.
