Tallinn-based Vok Bikes has raised $6 million in Series A funding to accelerate its expansion across Europe, offering its four-wheeled electric cargo bikes as a cleaner, faster and more efficient alternative to urban delivery vans.
Vok Bikes, the Tallinn-based maker of futuristic four-wheeled electric cargo bikes, has raised $6 million in Series A funding to help consign the urban delivery van to the scrapheap. The funding round, led by SQM Lithium Ventures, will propel Vok’s expansion across Europe and further accelerate a transition to zero-emission logistics in traffic-clogged city centres.
The investment marks a turning point for the Estonian startup, whose cargo e-bikes – built with automotive-grade precision – are already gaining traction with logistics companies and urban retailers alike.
“We are thrilled to support a brand that is redefining electromobility,” said Mark Fones, CEO of SQM International Lithium, the corporate venture capital arm of one of the world’s leading lithium producers. “Vok’s in-house 4Drive system and top-tier engineering have raised the bar.”
The round also includes returning investors Metaplanet (backed by Skype co-founder Jaan Tallinn), Specialist VC, Estonian solar energy firm Sunly, and SmartCap – a state-backed fund whose Green Fund investment is supported by the European Union’s NextGenerationEU recovery plan.
A van-sized gap in the market
Founded by engineers Riho Koop, Indrek Petjärv and Siim Starke, Vok was born out of racing circuits and Formula Student competitions – and built on the realisation that most micro-mobility solutions were ill-suited for the daily grind of city logistics. “Vans are a blunt tool for a precision job,” said Petjärv, now CEO of Vok. “Cities have changed, and Vok is designed for how they move today.”
And the numbers bear him out. In a delivery race across London conducted by e-bike rental company Zoomo, Vok’s XL model beat a van by 20 minutes – a 44% faster delivery time, without the emissions or parking headaches. Vok estimates that its vehicles are up to 64% more cost-efficient than small vans over five years, considering fuel, maintenance, parking, and tax.
Vok’s value proposition also taps into a growing inefficiency in urban freight. In cities like London, two-thirds of vans drive around with less than half their cargo space in use. Vok’s right-sized approach means no wasted space, less congestion, and access to zones where larger vehicles are banned or restricted.
Each Vok can carry up to 100 deliveries in a single round and, according to UK delivery firm Modern Milkman, emits up to 95% less CO₂ than a petrol-powered car. “We’re already seeing the business and environmental benefits,” said the firm’s Mark Bushby.
From bakers to big-box retailers
Vok’s fleet is already in use in 14 countries – from mobile car washes in the Netherlands to artisan bakeries in London. Wolt, the Nordic delivery firm, has adopted Vok bikes in seven countries. IKEA stores in Utrecht and Stockholm now offer Vok vehicles for customer rentals, in what many see as a sign of their mainstream acceptance.
The Series A raise follows a €3.8 million seed round in June 2023, which helped Vok scale its fleets across European cities including Stockholm, Copenhagen, Geneva, Antwerp and Vilnius. That round was backed by many of the same players – Metaplanet, Specialist VC, Sunly and SmartCap – as well as angel investors and a €300,000 grant from Enterprise Estonia.
While the e-bike sector as a whole has faced headwinds, cargo bikes have continued their upward climb – buoyed by city policies pushing carbon neutrality, tighter access restrictions, and shifting consumer habits.
“The urban transport landscape is being reshaped before our eyes,” said Petjärv. “And Vok is built to lead that transformation – cleanly, quietly, and efficiently.”
