VOI Technology, a Swedish e-scooter firm that operates throughout Europe, announced on Tuesday that it has raised $115 million in funding from Raine Group and VNV Global (VNV.ST), valuing the company at slightly over $1 billion.

VOI’s revenue has increased by 140 percent this year, but the company has yet to make a profit. Its competitors include Tier in Germany and Lime and Bird in the United States.

CFO Mathias Hermansson stated in an interview that the company has no imminent plans to enter the United States to compete against American rivals on their home grounds. “It’s safe to argue that Western Europe offers a plethora of investment prospects.” By 2023, VOI plans to employ entirely European-made battery cells, with the goal of reducing its carbon impact by half.

VOI has attracted $430 million from investors such as Inbox Capital, Nordic Ninja, Stena Sessan, Kreos Capital, Ilmarinen, Nineyards, and ICT Capital since its inception in 2018.

“We will surely begin preparing so that we have the option to go public,” Hermansson said, adding that the company does not yet have a solid plan in place to go public.