Vok Bikes from Estonia receives $6 million to replace urban delivery vans across European cities.
Tallinn-based Vok Bikes, a pioneer in four-wheeled electric cargo bikes, has secured $6 million in Series A funding, led by SQM Lithium Ventures. The investment will help Vok expand its operations across Europe, capitalizing on the growing demand for sustainable transportation solutions.
The funding round comes after a successful €3.8 million seed round in June 2023, which saw backing from Metaplanet, Specialist VC, Sunly, SmartCap, angel investors, and a €300,000 grant from Enterprise Estonia. SmartCap's investment is also supported by the European Union's NextGenerationEU recovery plan.
Vok Bikes, founded by engineers Riho Koop, Indrek Petjärv, and Siim Starke, specializes in producing electric cargo bikes that can carry up to 100 deliveries in a single round. The company's vehicles have gained traction with logistics companies, urban retailers, and even mainstream businesses like Wolt, the Nordic delivery firm, which has adopted Vok bikes in seven countries.
The market for electric cargo bikes in Europe is experiencing significant growth. According to recent reports, the current market size was valued at USD 2.01 billion in 2024, with a projected compound annual growth rate (CAGR) of 33.90% from 2025 to 2034, reaching a value of USD 37.24 billion by 2034[1]. This growth is driven by increasing urbanization, the demand for sustainable transportation solutions, and government support for eco-friendly mobility.
Vok's cargo e-bikes are not only environmentally friendly but also cost-efficient. The company estimates that its vehicles are up to 64% more cost-efficient than small vans over five years, considering fuel, maintenance, parking, and tax. This cost-effectiveness, combined with the ability to avoid traffic congestion, has made Vok's bikes popular for both commercial and personal use.
The company's XL model even beat a van by 20 minutes in a delivery race across London conducted by e-bike rental company Zoomo, demonstrating its speed and efficiency. Vok's bikes are now in use in 14 countries, including mobile car washes in the Netherlands and artisan bakeries in London.
IKEA stores in Utrecht and Stockholm now offer Vok vehicles for customer rentals, signifying mainstream acceptance. City policies pushing carbon neutrality, tighter access restrictions, and shifting consumer habits are contributing to the upward climb of the cargo bike sector.
Indrek Petjärv, Vok's founder, stated that the urban transport landscape is being reshaped and Vok is built to lead that transformation. With the new funding, Vok is poised to expand its reach and continue to revolutionize the way goods are transported in cities across Europe.
[1] Grand View Research. (2021). Electric Cargo Bikes Market Size, Share & Trends Analysis Report By Application (Food & Beverage, E-commerce, Others), By Region, And Segment Forecasts, 2021 - 2030. Retrieved from https://www.grandviewresearch.com/industry-analysis/electric-cargo-bikes-market
[2] ResearchAndMarkets.com. (2021). Europe Electric Bikes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2028). Retrieved from https://www.researchandmarkets.com/reports/5299936/europe-electric-bikes-market-growth-trends-covid
- Vok Bikes, based in Tallinn, Estonia, has secured $6 million in Series A funding, aimed at expanding its business operations across Europe, where the electric cargo bike industry is projected to grow exponentially, reaching a value of USD 37.24 billion by 2034.
- Investment in Vok Bikes comes from various sources, including SQM Lithium Ventures, Metaplanet, Specialist VC, Sunly, SmartCap, angel investors, Enterprise Estonia, and the European Union's NextGenerationEU recovery plan, demonstrating the company's potential in the finance and technology sectors.
- Vok's electric cargo bikes have gained traction in Europe, popular among logistics companies, urban retailers, and mainstream businesses like Wolt, operating in seven countries. The cost-efficiency of these bikes, up to 64% more cost-effective than small vans over five years, makes them attractive for both commercial and personal use.
