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VanMoof raises 34 million euros

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VanMoof raises 34 million euros

The Dutch e-bike producer VanMoof has raised one other 34 million euros from traders. 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 international enlargement.

The objective is to safe the corporate a better 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 offered nicely, however the Corona-related lockdown has apparently led to an actual order growth: World progress throughout this era was 220 per cent.

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

A improvement that has additionally satisfied traders and raised hopes for an extended interval of progress. 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 all the pieces in-house, but in addition 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 international 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 occasions are to be lowered, however companies through the VanMoof app are additionally to be expanded. The corporate’s bicycles – presently the S3 and X3 fashions – have a built-in GPS receiver. This allows the bikes to be situated within the occasion of theft and returned to the client by VanMoof’s “bike hunters”. Via such companies (for slightly below 100 euros per 12 months), 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 staff, and this 12 months the corporate goals to achieve its gross sales goal of 100 million euros – in 2018 it was nonetheless ten million euros.

vanmoof.com

https://www.frebike.com

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