E-bike startup VanMoof, has raised a $40 million funding from Norwest Venture Partners, Felix Capital and Balderton Capital. The Series B financing comes after a $13.5 million funding in May. The funding brings VanMoof’s whole raised to $73 million and furthers the e-bike model’s final mission of getting the following billion on bikes.
The Series B funding might be used to fulfill 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 are actually investing in biking infrastructure and the e-bike market is about to surpass $46 billion within the subsequent six years, in accordance with experiences.
Ties Carlier, co-founder VanMoof commented: “E-bike adoption was an inevitable international 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 important mass to remodel cities for the higher.”
VanMoof says it realized a 220% international income development in the course of the worldwide lockdown and bought 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 workforce 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: “As 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. Moreover, 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 and products within the years to come back.”
VanMoof launched the brand new VanMoof S3 and X3 in April of this yr. I reviewed the S3 right here and checked out the sooner X2 model right here.