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VanMoof raises $40 million to further capitalise on e-bike boom | Business

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VanMoof raises $40 million to additional capitalise on e-bike growth | Enterprise

VanMoof has introduced a $40 million funding from Norwest Enterprise Companions, Felix Capital and Balderton Capital.

The Collection B financing comes after a $13.5 million funding in Might and bolsters VanMoof for additional international growth, giving the corporate a stronger e-bike market share in North America, Europe and Japan. The funding brings VanMoof’s whole raised to $73 million.

“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 to the purpose that we’re approaching a crucial mass to rework cities for the higher,” mentioned Ties Carlier, co-founder VanMoof.

VanMoof has seen 220% international income progress in the course of the worldwide lockdown, promoting extra bikes within the first 4 months of 2020 than the earlier two years mixed.

“Taco, Ties and the VanMoof staff haven’t solely constructed an unparalleled model and best-selling product, however they’re reshaping metropolis mobility everywhere in the world,” mentioned Stew Campbell, principal at Norwest. “We stay up for supporting the VanMoof staff as they broaden manufacturing, enhance rider service options, and convey their e-bike expertise to new markets.”

The Collection B funding might be used to satisfy the elevated demand and shorten supply instances. A good portion will go in direction of constructing a collection of rider service options, making “best-in-class” help considered one of VanMoof’s key pillars. “Our subsequent frontier is to rework our enterprise by constructing a full help ecosystem round each rider,” mentioned Carlier. This ecosystem features a international cellular service community, extra intuitive app help, smarter software program with distant diagnostic options, and extra proactive buyer help.

“Over the subsequent six to 12 months, we’ll have upgraded each step of the shopper journey, from manufacturing to scheduling check-ups. Getting a VanMoof e-bike serviced might be as simple as ordering a meal on-line,” added Carlier.

The funding may also drive VanMoof’s growth into key progress markets such because the US and Germany, the place new model shops and pop-up outlets will prolong the variety of buyer touchpoints. Following the growth of brand name shops in Brooklyn, San Francisco and Seattle, a sequence of pop-ups are deliberate to open throughout the US in Spring 2021, in cities together with Austin, Chicago, D.C., LA and Portland.

Antoine Nussenbaum, co-founder of Felix Capital, mentioned: “VanMoof is a very category-defining model that continues to push the boundaries of service and design. VanMoof stands out not solely as a result of they grasp the {hardware} and software program components of their e-bikes, designing all the things in-house, but in addition due to their assured high quality due to possession over the provision chain in between. We’re excited to hitch the VanMoof staff of their journey to speed up new transport and commuting behaviours the world over.”

A key growth-driver for VanMoof was the launch of the brand new VanMoof S3 and X3 in April of this yr.

Colin Hanna, principal at Balderton, added: “Because 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. Furthermore, VanMoof’s direct to client strategy permits the corporate to construct an in depth relationship to their riders, one which might be strengthened by new services and products within the years to come back.”

Learn the September concern of BikeBiz beneath:


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