Finnish employee benefits service provider Vapaus has secured €10 million in a Series A investment round to expand its platform internationally. The money will also be used for software development and popularization of the PreCycled market concept of second-hand bicycles.

About Vapaus

  • Founded in 2018 and based in Helsinki, Vapaus develops a platform that allows companies to rent bicycles as part of benefits services for their employees. Vapaus managed to automate the whole process including payroll, invoicing, logistics, insurance, and financing.
  • According to the company, Vapaus has grown sixfold in two years, becoming one of the fastest-growing companies in Finland. The company even managed to win gold in the European Startup Prize for Mobility 2023.

Investment details

  • This fresh investment was led by Shift4Good, a Paris-based venture capital fund backing entrepreneurs that help decarbonize the transportation industry. 

“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,”

Yann Marteil, the Co-Founder & Managing Partner of Shift4Good, commented.

  • Tesi, a Finnish state-owned venture capital and private equity company that helps Finnish growth companies to succeed, and Superhero Capital, a Finnish seed stage VC investing in insight-driven startups from Finland and the Baltics, also joined the investment round, as part of the the European Investment Bank's co-investment facility EGF.

"Interest in employee cycling is on the rise in Finland and across Europe: lightweight urban mobility is already a megatrend, supported by societal incentives and its positive impacts on health and the environment. Vapaus has demonstrated strong expertise in customer-driven operations, revenue growth and in developing a competitive and scalable service concept. These are the reasons why we are pleased to support clean transition via employee cycling together with Vapaus,"

Heli Kerminen, Director on Tesi’s Venture Capital team, says.

Thanks to the fresh financing, the company will be able to enter the Swedish market and improve its platform automation, as well as the financing model for a better employer experience.