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E-bike startup VanMoof has raised a $40 million funding from Norwest Venture Partners, Felix Capital and Balderton Capital. The Collection B financing comes after a $13.5 million investment in Might. The funding brings VanMoof’s complete raised to $73 million and furthers the e-bike model’s final mission of getting the subsequent billion on bikes.
The Collection B funding might be used to satisfy the elevated demand, shorten supply occasions and construct a set of rider service options. It additionally goals to spice up its share of the e-bike market in North America, Europe and Japan.
Partly pushed by the change of commuters away from public transport due to the COVID-19 pandemic, the e-bike craze is taking off.
Governments at the moment are investing in biking infrastructure and the e-bike market is about to surpass $46 billion within the subsequent six years, in response to experiences.
Ties Carlier, co-founder of VanMoof, commented: “E-bike adoption was an inevitable world shift that was already happening for a few years now however COVID-19 put an absolute turbo on it to the purpose that we’re approaching a vital mass to remodel cities for the higher.”
VanMoof says it realized a 220% world income development throughout the worldwide lockdown and offered extra bikes within the first 4 months of 2020 than the earlier two years mixed.
Stew Campbell, principal at Norwest mentioned: “Taco, Ties and the VanMoof staff haven’t solely constructed an unparalleled model and best-selling product, however they’re reshaping metropolis mobility all around the world.”
Colin Hanna, principal at Balderton: “Because the COVID-19 disaster hit provide chains worldwide, VanMoof’s distinctive management over design and manufacturing was a key benefit that allowed the corporate to react nimbly and successfully. Furthermore, VanMoof’s direct to shopper method permits the corporate to construct a detailed relationship to their riders, one which might be strengthened by new services within the years to come back.”
VanMoof launched the brand new VanMoof S3 and X3 in April of this 12 months. I reviewed the S3 here and checked out the sooner X2 version here.
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