Start-E-bike VanMoof, has raised an investment of $ 40 million from Norwest Venture Partners, Felix Capital and Balderton Capital. Series B funding comes next an investment of $ 13.5 million of May. The funding brings the total VanMoof raised to $ 73 million and promotes the brand’s e-bike’s ultimate mission of getting the next billion bikes.
Series B funding will be used to meet increased demand, shorten delivery times and build a range of service solutions for pilots. It also aims to increase its share of the e-bike market in North America, Europe and Japan.
Partly driven by the passage of travelers away from public transport due to the COVID-19 pandemic, the fury of e-bikes is settling.
Governments are now investing in cycling infrastructure and the e-bike market will exceed $ 46 billion in the next six years, according to reports.
Ties Carlier, co-founder VanMoof commented: “The adoption of e-bikes has been an inevitable global change that has been going on for several years, but COVID-19 has put an absolute turbo on the point that we are approaching a critical mass. to transform cities for the better ”.
VanMoof says it achieved a 220% growth in global revenues during the global lockdown and sold more bicycles in the first four months of 2020 than the previous two years combined.
Stew Campbell, Director of Norwest said, “Taco, Ties and the VanMoof team have not only built an unparalleled brand and a best-selling product, but are reforming the city’s mobility around the world.”
Colin Hanna, Principal in Balderton: “When the COVID-19 crisis hit supply chains around the world, VanMoof’s unique control over design and production was a key advantage that allowed the company to react with agility and In addition, VanMoof’s direct consumer approach allows the company to build a close relationship with its pilots, which will be reinforced by new products and services in the years to come. ”