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.”