Estonian startup Vok Bikes raises €3.8 million for sustainable last mile deliveries push

Vok Bikes, an Estonian startup producing electric cargo bikes for last mile deliveries, has closed a 3.8 million euro seed round, including Estonia’s SmartCap, Jaan Tallinn’s Metaplanet, Specialist VC, Sunly, a list of angel investors and a 300,000 euro grant from Enterprise Estonia.

"SmartCap Green Fund, established in 2022, focuses on fostering investments into startups whose activities help to solve environmental problems and achieve the set climate goals," says Sille Pettai, Fund Manager and Member of the Board at SmartCap.

"Vok Bikes clearly contributes to solving environmental problems with the development of cargo bikes, particularly in the transportation sector as cargo volumes are increasing and there is a need for new solutions due to changed market demands and purchasing practices.”

“Therefore, it is a logical step for us to contribute to innovation in the transportation sector and participate in the current seed round.”

Indrek Petjärv, Vok Bikes Co-founder and CEO, says: “Our bikes enable trips with 24 times fewer CO2 emissions, five times lower kilometre cost, and are simply 60% faster compared to cars in urban settings.”

“We are happy to serve customers in cities across Europe - from London to Munich and Amsterdam to Stockholm - many of whom have been with us for years, including Wolt, Donkey Republic, Mathem, Foodora, and Estonia’s postal service Omniva. It is a testament that Vok bikes are reliable and operationally efficient.“ 

Vok Bikes recently launched a new XL model which can be used by multinational freight companies and large scale e-commerce businesses.

With the new funding and with the first set of deliveries underway in this new client segment, the company says that it is on track to release 1,000 more cargo bikes across Europe in the next year.