Estonian Vok Bikes raises €3.8M in a seed round

Tallinn-based startup Vok Bikes has raised €3.8 million in a seed funding round to supply the last mile delivery space with its electric cargo bikes. SmartCap, MetaPlanet, Specialist VC, Sunly, and angel investors participated in the round, Tech.eu reports.

• Founded in 2019 by Indrek Petjärv, Riho Koop, and Siim Starke, Vok Bikes develops and produces e-cargo bikes designed for busy cities and efficient deliveries. The vehicle can make the last mile delivery quicker, cheaper, and more sustainable.
• The company offer several vehicles, including the Vok Standard, 120kg payload, and the Vok XL, which is a newly launched model with payload of up to 200kg. The products are purchase worldwide. It is also possible to get full-service rental or lease options in London, Stockholm, Tallinn, and Vilnius.

• The €3.8 million seed round includes investments from SmartCap, Metaplanet, Specialist VC, Sunly, and several unnamed angel investors. The round also consists of a €300,000 grant from Enterprise Estonia, a state foundation that aims to develop Estonian economy.
• The fresh funds will help Vok Bikes to deliver on its plans of making 1000 more cargo bikes across Europe in the next year.