Dutch e-bike brand VanMoof raises USDm 128m

industry news cycling

This is the largest Series C investment for a European e-bike brand and brings VanMoof's total raised to USDm 182 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.

Today, Dutch e-bike brand VanMoof, announced a USDm 128 Series C minority investment in a funding round led by Hillhouse Investment, an Asia-based private equity firm. 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.

“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”, comments Taco Carlier, Co-founder of VanMoof.

“With VanMoof’s unique approach to manufacturing and innovative, consumer-first technology, we are excited about its e-bikes’ potential in engaging millions of riders around the world to adopt active transportation into their commute and to build a healthy lifestyle. We are committed to contributing to advancing climate solutions”, adds Haoyu Shen, Partner at Hillhouse Investment.

Source: VanMoof
Picture: VanMoof

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