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VanMoof raises 34 million euros

VanMoof raises 34 million euros 2020-09-18Leave a comment

electrical bike VanMoof raises 34 million euros

The Dutch e-bike producer VanMoof has raised one other 34 million euros from buyers. The Sequence B funding comes just a few months after a 12.5 million euro funding in Could and is supposed to help VanMoof’s world enlargement.

The aim is to safe the corporate the next market share for e-bikes in Europe, North America and Japan. The brand new financing brings VanMoof’s complete funding to 61 million euros.

VanMoof was based in 2009 by brothers Taco and Ties Carlier and specialises in electrical bicycles. The high-quality bikes of the Amsterdam-based startup already bought nicely, however the Corona-related lockdown has apparently led to an actual order increase: World development throughout this era was 220 per cent.

From January to the tip of April 2020 alone, the corporate bought extra e-bikes than 2018 and 2019 mixed. Germany was the most important and fastest-growing market with a development fee of 323 per cent, round half of VanMoof’s enterprise now comes from Germany.

A growth that has additionally satisfied buyers and raised hopes for an extended interval of development. The enterprise capital firm Balderton Capital, the American funding fund Norwest Enterprise Companions and the British enterprise capitalist Felix Capital have all participated within the B-series.

Antoine Nussenbaum, co-founder of Felix Capital stated: “VanMoof stands out not solely as a result of they grasp the {hardware} and software program components of their e-bikes, designing every thing in-house, but additionally due to their assured high quality because of possession over the availability chain in between.”

Ties Carlier sees the success of e-bikes as “inevitable”, however Covid-19 have accelerated these developments. “As social distancing turns into the brand new actuality, public transport and lengthy waits in visitors are much less interesting than ever,” says the youthful of the Carlier brothers. “E-bike adoption was an inevitable world shift that was already going down for a few years now however COVID-19 put an absolute turbo on it”.

The 34 million euros shall be used to finance additional initiatives along with enlargement: Supply instances are to be diminished, however providers through the VanMoof app are additionally to be expanded. The corporate’s bicycles – at the moment the S3 and X3 fashions – have a built-in GPS receiver. This permits the bikes to be positioned within the occasion of theft and returned to the shopper by VanMoof’s “bike hunters”. Via such providers (for just below 100 euros per yr), the corporate generates revenues past the mere sale of the bikes. At round 2,000 euros, VanMoof bikes are significantly cheaper than many others available on the market.

VanMoof now has 290 workers, and this yr the corporate goals to succeed in its gross sales goal of 100 million euros – in 2018 it was nonetheless ten million euros.

vanmoof.com

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