VanMoof raises $128m to make its high-tech e-bikes the new standard in cities worldwide
673 days ago
Leading e-bike brand, VanMoof, will invest funds into both their unique production and supply chain, and their consumer-first technology to engage millions more riders.
This is the largest ever Series C investment for a European e-bike brand and brings VanMoof’s total raised to $182 million (£132 million) in less than two years, making it the most funded e-bike company in the world.
The funding will be used to both expand production and reinvent the way in which hardware and software components are made, and make its high-quality, high-tech e-bikes more accessible to consumers.
VanMoof has grown its retail and service footprint from 8 to 50 locations worldwide over the last year, with sales of their e-bikes more than tripling in 2020.
Surge in demand shows the US is the fastest growth market for VanMoof, with the post-pandemic e-bike wave showing no sign of slowing down.
Global e-bike market is forecasted to be valued at around $48 billion by 2028, double the value it was predicted to reach before COVID-19.
Amsterdam, September 1st, 2021 – Today, category-defining Dutch e-bike brand VanMoof, announced a $128 million Series C minority investment in a funding round led by Hillhouse Investment, an Asia-based private equity firm. These funds cement VanMoof as category leader and tipping point brand to drive worldwide e-bike adoption and help further its rapid global expansion. The company will use the funds to increase its production capabilities, continue the development of new technology, improve bike specs and reliability, and break down more barriers to cycling.
Fresh commitment from investors
Alongside Hillhouse Investment, the Series C funding includes commitments from Gillian Tans, former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital, and TriplePoint Capital.
“We’re reinventing, redesigning, and re-engineering every component of the bicycle. It’s never been done before and will change how a bike is made, sold, and serviced forever. It will help us get 10 million people on our bikes in the next five years and our investors share in our vision of a smarter and cleaner mobility future.” Taco Carlier, Co-founder of VanMoof.