1. September.2021 – Amsterdam-headquartered VanMoof, a company that designs, develops and sells electric bikes that are popular in few regional markets, has announced that it has secured a funding of USD 128 Million in a Series C round.
This Series C round was led by Hillhouse Investments with the participation of some existing investors Felix Capital, TriplePoint Capital, Balderton Capital, and Norwest Ventures Partners and the former CEO of Booking.com Gillian Tans.
This Series C round was a great leap as compared to VanMoof s Series B in which it acquired USD 40 Million. Till now the startup has raised USD 182 in total funding, since its inception.
About VanMoof –
VanMoof was initiated by Taco Carlier and Ties Carlier in 2008. The company designs urban e-bikes to help commuters reach their work without even sweating.
VanMoof has launched two e-bikes- S3 and X3, they both have the same features on paper but X3 has a smaller frame and wheel as compared to S3. The startup tries to manage everything from the supply chain to customer experience. The e-bikes are mainly designed for city rides and cost nearly USD 2,298.
The e-bikes are paired with an electric gear shifting system. It has four automatic gears, which means one doesn’t need to change it manually, they just have to paddle. VanMoof has designed futuristic-looking triangular shaped designs.
The futuristic design is paired with hydraulic brakes, smart features and integrated lights. It also has integrated motion detectors combined with an alarm, cellular connectivity and GPS chips.
VanWoof will utilize this capital raised to double down on its strategy. It will also focus on redefining the e-bikes models and establish more stores around the globe and focus on online sales as well.
“It will help us get 10 million people on our bikes in the next five years,” co-founder and CEO Taco Carlier said in a statement. Currently, 150,000 people are using VanMoof bikes.
VanMoof is a capital-intensive business, it has opened retail stores and service hubs in nearly 50 different cities around the world. While the company was established in Europe, the U.S. is now the fastest expanding market for VanMoof.
This Series C investment shouldn’t come as a surprise. The COVID-19 pandemic has accelerated plans to evolve European cities — and prioritize e-bikes over cars. VanMoof is now leveraging these shifts in policy.
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