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VanMoof, the Dutch e-bike brand, has announced a $40 million investment from Norwest Venture Partners, Felix Capital, and Balderton Capital. The financing will be used to bolster further global expansion as VanMoof competes for e-bike market share in North America, Europe, and Japan.
The funding brings VanMoof's total raised to $73 million and furthers the e-bike brand’s ultimate mission of getting the next billion on bikes. The Series B financing comes months after a $13.5 million investment in May.
E-bike adoption has boomed since the coronavirus pandemic broke out, and VanMoof is the fastest-growing e-bike brand worldwide. Global demand for premium e-bikes is at an all-time high, with two-wheeled commutes now seen as a more dependable option in the wake of COVID-19. Many governments have made major investments in cycling infrastructure during the lockdown, underlining how COVID-19 has accelerated plans to get more urban commuters on bikes.
Millions have since been invested to open up the streets to cyclists, creating new bike lanes across the globe from New York to Milan, from Mexico City to Berlin. The latest projections expect the e-bike market to surpass $46 billion in the next six years, with a growth rate now twice that of pre-pandemic predictions. All of this is good news for e-bike manufacturers.
VanMoof realized a 220% global revenue growth during the worldwide lockdown. The Dutch company sold more bikes in the first four months of 2020 than the previous two years combined. The company now says that the new funding will go towards building a suite of rider service solutions. Following the expansion of brand stores in Brooklyn, San Francisco, and Seattle, a series of pop-ups are planned to open across the US in Spring 2021, in cities like Austin, Chicago, D.C., LA, and Portland.
The US has become an important growth market for VanMoof. "As social distancing becomes the new reality, public transport and long waits in traffic are less appealing than ever. With an e-bike, you can get to city destinations much faster than by car. That can save the average American commuter up to 60 minutes every day, all without breaking a sweat," said co-founder Ties Carlier.
"Our next frontier is to transform our business by building a full support ecosystem around every rider," continued Carlier. "This ecosystem includes a global mobile service network, more intuitive app support, smarter software with remote diagnostic solutions, and more proactive customer support."
The VanMoof electric S3 & X3 is the latest rideable tech from the brand, with prices starting at $1,998. We've been lucky enough to test the e-bike and you can read our full review at the link below.