SQM Lithium Ventures, the corporate venture capital arm of SQM International Lithium, has announced its investment of $3-million in Vok Bikes, an Estonia-based startup developing next-generation electric cargo bikes. 

This investment forms part  of Vok Bikes’ Series A funding round.

In a media release, Vok Bikes and SQM Lithium Ventures note that the electric vehicle industry in Europe has grown by 20% in the last two years, adding that this market will continue growing owing in large part to the EU’s efforts to reach carbon neutrality.

Vok Bikes’ in-house-developed 4-Drive drivetrain delivers a car-like riding experience and reliability, along with 64% cost savings and 44% faster delivery times compared with small vans.

SQM Lithium Ventures led the $6-million investment round, where venture capital firm Metaplanet and SmartCap also participated.

This investment in Vok Bikes will enable the company to accelerate its production of vehicles and expand its footprint across Europe and the rest of the world.

Vok Bikes CEO and co-founder Indrek Petjärv says he is bullish on the market and Vok Bikes’ position within it.

"In today's economic environment, companies are actively seeking ways to improve operational efficiency and reduce costs,” he says.

“More and more fleet operators are turning to cargo bikes as a proven solution for navigating congested cities. The market today is vastly different from when we started in 2020 – customer interest is at an all-time high and continues to grow.

“Our pipeline includes thousands of vehicles, and our focus now is on fulfilling the demand. Considering all this, I am thrilled to see SQM Lithium Ventures join our journey as an investor. Their dedication and commitment during this past half a year is truly one-of-a-kind in this industry,” Petjärv continues

“We are thrilled to have made the decision to invest in Vok Bikes and believe that it will not only strengthen our portfolio, but also allow us to contribute to the growth of a brand that is redefining the electromobility industry.

“This marks our first investment in Europe, making it a particularly exciting milestone for us. We are excited to be a part of their journey and look forward to the opportunities ahead,” adds SQM International Lithium CEO Mark Fones.