Vok Bikes, the Estonian company behind a new generation of four-wheeled electric cargo bikes, has raised € 5,1M (6M USD) to further expand across Europe and accelerate the shift away from vans in city centres.
“Vans are a blunt tool for a precision job,” says Indrek Petjärv, CEO and co-founder of Vok Bikes. “Cities have changed, and Vok is designed for how they move today.”
The Series A funding round is led by SQM Lithium Ventures, the corporate venture capital team affiliated with SQM International Lithium (SQMi), a global leader in lithium production. The round was joined by existing investors Metaplanet, Specialist VC, Sunly, and SmartCap – Estonia’s state-backed VC fund, whose Green Fund investment is supported by the EU’s NextGenerationEU recovery plan.
Vok is faster than vans
Designed from the ground up for city logistics, the bikes offer a durable, low-maintenance, and highly manoeuvrable alternative to vans. As cities tighten emissions regulations and deal with worsening congestion, Vok presents a solution that is both environmentally friendly and commercially viable.
“We are thrilled to support a brand that is redefining electromobility,” said Mark Fones, CEO of SQM International Lithium. “Vok’s in-house 4Drive system and top-tier engineering approach have raised the bar by delivering reliability and ride quality on par with automotive standards.”
“Vans are a blunt tool for a precision job. Cities have changed, and Vok is designed for how they move today.”
Indrek Petjärv, CEO and co-founder of Vok Bikes
Businesses are already seeing the benefits. In a test by e-bike rental company Zoomo, a Vok XL beat a van by 20 minutes on a delivery route through London — a 44% faster delivery time with zero emissions and no parking delays. Cost comparisons show that the bike is up to 64% more efficient than small city vans over five years, due to lower fuel, maintenance, tax, and parking expenses.
Each bike produces up to 95% less CO₂ than a petrol car. Photo: Vok Bikes
While vans are often lauded for their cargo capacity, urban data tells a different story. In cities like London, 66% of vans operate with less than half of their cargo space used. The bike is right-sized for city deliveries, with no wasted weight, energy, or space. Moreover, Vok enhances urban accessibility. Its compact design allows for parking virtually anywhere and direct access to delivery points, circumventing the challenges vans face with limited parking and restricted zones.
The bikes are used across Europe
Voks are now in use across 14 countries, serving clients from a mobile car wash in the Netherlands to bakeries in London. Early adopter Wolt has scaled its fleet in seven countries, and IKEA stores in Utrecht and Stockholm now offer the bikes for customer rentals — a sign of mainstream momentum. For example, the bikes can also be found in Germany, Finland, and Denmark.
Created by a team of former Student Formula engineers, Vok bikes are the safest cargo bikes on the market with their unique electronic driving aids. In total, Vok Bikes has raised over €10 million in venture capital.
“Each Vok e-bike produces up to 95% less CO₂ than a petrol car, carries up to 100 deliveries, and glides through city traffic,” said Mark Bushby of Modern Milkman, a UK-based delivery company. “We’re already seeing the business and environmental benefits.”
GOOD TO KNOW
Vok Bikes
- Founded: 2020
- Number of employees: 35
- Offices: in Estonia (HQ), UK, Lithuania
- Production: Made in Europe
- Market focus: B2B services and transport of goods
- What makes the bike unique: Pedal by wire (chainless drive), regenerative braking, e-ABS, IoT, reverse gear, traction control, independent suspension, GPS tracking, custom hydraulic brakes, and RFID and time-based locking.
Are you interested in trading with Estonia? Enterprise Estonia is providing sourcing services for foreign enterprises. Contact Estonian export advisors or use our free e-consulting service to start trade with Estonia.
