Estonian Vok Bikes raises $6M

Estonian electric cargo bike manufacturer Vok Bikes has raised a $6M investment. The Series A funding round was led by SQM Lithium Ventures. Existing investors Metaplanet, Specialist VC, Sunly and SmartCap also participated.

Vok Bikes is a manufacturer of automotive-grade four-wheeled electric cargo bikes designed specifically for commercial use in dense urban areas. The company has also patented its proprietary 4Drive drivetrain system to improve ride quality. Vok bicycles are now used in 14 countries. The company cooperates with major companies such as IKEA. Vok Bikes was founded by Indrek Petjärv in Tallinn in 2019.

In 2023 Vok Bikes raised €3,8M and received a €300K grant from Enterprise Estonia. 

SQM Lithium Ventures is the venture capital arm of Sociedad Química y Minera de Chile (SQM), one of the world's largest producers of lithium for electric car batteries. SQM Lithium Ventures aims to invest in companies that solve problems related to lithium, water and electric mobility. The fund is founded in 2022. It is headquartered in Chile.

Metaplanet is an Estonian venture capital company founded in 2011 by Jaan Tallinn, co-founder of Skype and Kazaa. The fund invests in artificial intelligence, biotechnology and other promising technologies and supports high-impact startups around the world, including in Central and Eastern Europe.

Founded in Tallinn in 2017, Specialist VC is a venture capital firm that supports companies from the Baltic region, Finland and Ukraine. In early 2022, Specialist VC launched a €50M fund, supported by the Estonian LHV pension fund and the European Investment Fund through the European Guarantee Fund and the Baltic Innovation Fund 2. Specialist VC's partners are Kaspar Hanni, Riivo Anton, Tõnu Esko, and Gerri Kodres.

Sunly was founded in Tallinn in 2019 by Priit Lepasepp. The company plans, develops, constructs, and operates renewable energy power plants in Poland and the Baltic States. There are above 30,3 GW of solar and wind projects in the company's renewables pipeline and development.

SmartCap was established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. SmartCap manages two common closed-end alternative investment funds: SmartCap Venture Capital Fund and SmartCap Green Fund. The CEO of SmartCap is Sille Pettai.