Finnish employee bike benefit service Vapaus secures €10M for international expansion

Helsinki-based bike service Vapaus, which provides cost-effective and zero-emission benefit bike service to employers, has secured €10 million in a Series A funding round for international expansion and software development. 

• Established in 2018 by Lasse Keronen, Mikko Ampuja, and Tatu Mäkilä, Vapaus develops a bike service platform that offers companies a solution for integrating bicycle rentals into their employee benefits programs.
• Vapaus streamlines companies' transition to emission-free transportation by enhancing employee well-being, promoting sustainable mobility, and positively impacting the planet. The startup achieves this through management of payroll, invoicing, logistics, insurance, and financing.
• The startup provides 3 different service packages to meet various company needs:
  1. Freedom Starter package is free for employers and covers the basics for introducing work bikes.  
  2. Freedom Pro package, priced at €12 per active bike per month, offers a wider range of bikes and extra services. 
  3. For larger companies, the Freedom Enterprise package at €16 per active bike per month delivers premium benefits and boosts employee well-being.
• Vapaus claims it has grown sixfold in two years, become one of the fastest-growing companies in Finland.

Details of the deal

• The capital was led by Shift4Good, a Paris-based venture capital firm specializing in mobility and the circular economy. Shift4Good invests in Series A and Series B rounds, with ticket sizes ranging from $4 million to $20 million.

“We are excited to confirm Shift4Good’s investment in Vapaus and look forward to supporting the growth of the company in the coming years. The quality of the team, the clear vision on impact and sustainability, and the ambition in terms of development were the main signals for Shift4Good to decide to financially accompany and support the company," Co-founder and Managing Partner at Shift4Good, Yann Marteil, stated.

• The investment also saw participation from Helsinki-based VC Tesi, the European Investment Bank’s co-investment facility EGF, and SuperHero Capital, which focuses on investing in the Baltic and Finnish startups.
• The investment will enable Vaupaus to expand internationally, develop software, automate platforms, and expand its PreCycled concept for the second-hand bike market.