Tag Archive: Funding

  1. FreeFlow Technologies secures £1.85M funding

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    30 November 2020 – FreeFlow Technologies (FFT), the developers of the world’s lightest power to weight e-bike motor and LEVA-EU Member has secured £1.85m from a heavily over-subscribed funding round. FFT prepares to capture a share of the rapidly growing global electric cycle market.

    The new investment will support a move to a new headquarters and R&D facility in East Kilbride and further strengthen the team with senior technical positions and assembly engineers recruited.

    FFT’s “novel” patented e-bike transmission system is more lightweight, compact and provides a higher power density than other products, with the motor and battery easily assembled into the bicycle frame rather than an oversized attachment as is common with current electric bikes. This achieves a look that makes the e-bike look, and ride like a normal bike, a key requirement for brands and their end customers. The company has also developed an unprecedented mechanical transmission system for fixed wheel bikes that allows the rider to freewheel, whilst retaining the smooth ride quality of fixed wheel.

    Martin McCourt, Chairman of FreeFlow Technologies said: “The e-Bike market is booming as many sections of society seek alternatives to public transport and take a greater interest in their personal health. Great trends that truly benefit our citizens and our environment. The FreeFlow drive system transforms the look and riding performance of e Bikes. Now an e-Bike can look like a normal bike, and ride like one!”

    There are already a number of brands working on frame designs to incorporate the new FreeFlow Technologies ETS (Electronic Transmission System) into bikes for launch into the market in 2021.

    The new funding round was led by investment syndicate Kelvin Capital and supported by Equity Gap, Foresight Williams and Scottish Enterprise.  The company raised £1.8m in an earlier funding round in October 2018.

    John McNicol from Kelvin Capital said:  “The events of 2020 has brought an unexpected rise in the number of people cycling and, in particularly e-Bike sales, something that hasn’t been seen since the 2012 Olympics.  Kelvin Capital is delighted to back FreeFlow Technologies with this investment round.  It is a business bringing innovation to a well-established market with an impressive management team including the ex-senior exec team of Dyson and business leadership from major cycling brands such as Cannondale, Rapha, Marin Bikes and Whyte Bikes.”

    David Hemming, Managing Director of FreeFlow Technologies:  “Before Covid hit the world the e-bike sector was forecasted to grow by double digits each year for the foreseeable future however the global pandemic has changed the way people think about bikes across all walks of life.  The needs of exercise and wellbeing and the need for a viable transportation options to and from work that is an alternative to public transport are now high on the public’s mind. David added: “The Covid pandemic has also accelerated the cargo/last mile delivery sector as well with many companies looking to get deliveries from suppliers to end consumers with increased urgency and efficiency.  This sector is also on a huge growth curve with e-Bikes being seen as a significant part of that solution, particularly in urban areas of the world.”

  2. VanMoof raises $40m to further capitalize on worldwide e-bike boom

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    Amsterdam and Palo Alto, September 2020 – LEVA-EU member VanMoof, announced a $40 million investment from Norwest Venture Partners, Felix Capital and Balderton Capital. The Series B financing comes just months after a $13.5 million investment in May and bolsters VanMoof for further global expansion, giving the company a stronger e-bike market share in North America, Europe and Japan. Leading the current wave of e-bike adoption, VanMoof is the fastest-growing e-bike brand worldwide and is on course to redefine city mobility forever. The funding brings VanMoof’s total raised to $73 million and furthers the e-bike brand’s ultimate mission of getting the next billion on bikes.

    E-bike boom

    Global demand for premium quality e-bikes is at an all-time high, with two-wheeled commutes now seen as a more dependable option in the wake of COVID-19. Many governments have made major investments in cycling infrastructure during lockdown, underlining how COVID-19 has accelerated plans to get more urban commuters on bikes. Millions have since been invested to open up the streets to cyclists, creating new bike lanes across the globe from New York to Milan, from Mexico City to Berlin. The latest projections expect the e-bike market to surpass $46 billion in the next six years, with a growth rate now twice that of pre-pandemic predictions.

    “E-bike adoption was an inevitable global shift that was already taking place for many years now but COVID-19 put an absolute turbo on it to the point that we’re approaching a critical mass to transform cities for the better,”  Ties Carlier, co-founder VanMoof.

    As category leader, VanMoof has been able to capitalize on this momentum. Not only did VanMoof realize a 220% global revenue growth during worldwide lockdown; VanMoof sold more bikes in the first four months of 2020 than the previous two years combined.

    “Taco, Ties and the VanMoof team have not only built an unparalleled brand and best-selling product, but they’re reshaping city mobility all over the world. We look forward to supporting the VanMoof team as they expand production, boost rider service solutions, and bring their e-bike experience to new markets.” Stew Campbell, Principal at Norwest.

    Service as new frontier

    The Series B funding will be used to meet the increased demand and shorten delivery times. Most importantly, a significant portion of the funding will go towards building a suite of rider service solutions, making best-in-class support one of VanMoof’s key pillars. “Our next frontier is to transform our business by building a full support ecosystem around every rider,” said co-founder Ties Carlier. This ecosystem includes a global mobile service network, more intuitive app support, smarter software with remote diagnostic solutions, and more proactive customer support. 

    The funding will also drive VanMoof’s expansion into key growth markets such as the US and Germany, where new brand stores and pop-up shops will extend the number of customer touch points. Following the expansion of brand stores in Brooklyn, San Francisco and Seattle, a series of pop-ups are planned to open across the US in Spring 2021, in cities like Austin, Chicago, D.C., LA and Portland.

    “VanMoof is a truly category-defining brand that continues to push the boundaries of service and design. VanMoof stands out not only because they master the hardware and software parts of their e-bikes, designing everything in-house, but also because of their guaranteed quality thanks to ownership over the supply chain in between. We’re excited to join the VanMoof team in their journey to accelerate new transport and commuting behaviours across the world.” Antoine Nussenbaum, co-founder of Felix Capital.

    Commuter e-bike disrupter emerges as fastest growing bike brand in wake of COVID-1

    • Series B investment brings VanMoof’s total raised to $73 million, marking next phase of hyper-growth for world’s fastest-growing e-bike brand
    • VanMoof solidifies leadership position, with 10x revenue growth in 24 months hitting $100 million
    • VanMoof reports 220% global revenue growth during worldwide lockdown
    • Surge in demand turns the US into VanMoof’s third fastest growth market, as Americans rapidly adopt e-bikes in wake of COVID-19
    • Global e-bike market forecasted to reach $46B+ by 2026, double that of pre-COVID-19 predictions
    • Funding will be used to increase production, continue product innovation, realize global expansion and implement next-level rider service solutions

  3. Cowboy Raises 23 Million Euro Funding

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    July 2020 – LEVA-EU Member Cowboy, manufacturer of connected electric bikes, announced the completion of its Series B funding round, totalling €23M. Leading the round is Exor Seeds, the early stage investment arm of Exor, controlling shareholder of Ferrari and FCA, HCVC, and Isomer Capital, joined by Future Positive Capital and Index Ventures, each of whom are known to support entrepreneurship and impact innovation in Europe.

    Freeing Cities from Cars through Design & Technology

    Adrien Roose, Co-Founder & CEO, stated: “ It was important to attract such a diverse group of world-class investors with a track record in supporting excellence in design and technology as we become the one-stop-shop in urban mobility. What has always set us apart is our focus on design, hardware and software development, and a complete service offering, appealing to an audience that may not have considered an e-bike before. With these funds we will continue to grow our team, our product, and our retail and service footprint across Europe.”

    He continued, “The last three years have seen Cowboy go from an idea of reimagining the electric bike to become a desired brand with a devoted community within the mobility space. We’ve stayed true to our initial vision of providing a better alternative to the car—a shift we will now accelerate and lead.”

    To deliver on this vision and enable a transition from cars to bikes within cities, Cowboy plans to recruit 30+ new talent in the next six months, scale operations, and expand its footprint across Europe through its Test Ride and Mobile Service networks.

    Noam Ohana, who heads Exor Seeds commented, “We’re excited to partner with Cowboy in their mission to bring sustainable transportation to our city streets with beautifully-designed, customer-centric e-bikes. We are witnessing an urban transformation as more bike lanes and other environmentally-forward policies open up our cities to alternative forms of mobility, in which we believe Cowboy will play a key part.”

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