VanMoof- The Dutch e-bike brand raises $128m to make its high-tech e-bikes the new standard in cities worldwide. The company say they will invest funds into both their unique production and supply chain, and their consumer-first technology to engage millions more riders.
“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.
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.
The 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.
The Series C minority investment was led by Hillhouse Investment, an Asia-based private equity firm. The company say the in 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.
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.
“Taco, Ties, and the team at VanMoof have leveraged unparalleled product focus to inspire a movement. That focus has enabled them to build a unique back to front platform, spanning Taipei to Amsterdam, that makes the world’s highest quality and most accessible e-bike. As global warming accelerates and COVID-19 persists, the transformation of urban mobility has never been more urgent, both for the cities we call home and the planet more broadly. At Balderton, we’re humbled to be on the ride alongside Norwest and Felix and are thrilled to now be joined by Hillhouse Investment.”
Colin Hanna, Partner at Balderton