VanMoof raises $128 million to become the world’s leading e-bike brand – Mymobiapps
Amsterdam-based startup VanMoof has raised a $128 million Series C funding spherical. The firm designs and sells electrical bikes which can be fairly standard in some markets. It now needs to become the world’s leading e-bike brand by iterating at a sooner tempo.
Asia-based personal fairness agency Hillhouse Investment is leading the spherical, with Gillian Tans, the former CEO of Booking.com, additionally collaborating. Some current buyers additionally put some extra money on the desk, corresponding to Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.
Today’s Series C represents a giant leap in contrast to the firm’s Series B. Last yr, VanMoof raised a $40 million Series B. Overall, in the event you add all of it up, the startup has raised $182 million in complete.
What makes VanMoof totally different out of your common e-bike producer is that the firm tries to management all the pieces from the provide chain to the buyer expertise. VanMoof e-bikes are premium e-bikes which can be primarily designed for metropolis rides. The most up-to-date fashions presently value $2,298 or €2,198.
They function an electrical motor paired with an digital gear shifting system. It has 4 gears and also you don’t have to change gears your self. All you could have to do is leap on the bike and begin pedaling.
Recognizable by their iconic triangular-shaped futuristic-looking frames, the S3 and X3 additionally include hydraulic brakes, built-in lights and a few sensible options. There’s an built-in movement detector mixed with an alarm, a GPS chip and mobile connectivity.
If you declare your bike stolen, the GPS and mobile chips go stay and you’ll observe your bike in the VanMoof app. The firm’s bikes are actually additionally compatible with Apple’s Find My app.
Instead of relying completely on off-the-shelf elements, the firm works with a small set of suppliers to manufacture customized parts. This method, it may reduce out as many intermediaries as potential to deliver prices down. It’s additionally a great aggressive benefit.
Growing an organization like VanMoof is a capital-intensive enterprise. The firm has opened retail shops and repair hubs in 50 totally different cities round the world. While the firm began in Europe, the U.S. is now the quickest development marketplace for VanMoof.
With at this time’s funding spherical, the startup plans to double down on its present technique. You can count on up to date bikes with refined designs and extra customized elements. You can count on extra shops and repair hubs round the world. And you’ll be able to most likely count on extra on-line gross sales as effectively.
“It will help us get 10 million people on our bikes in the next five years,” co-founder and CEO Taco Carlier stated in an announcement. So far, there are 150,000 folks utilizing VanMoof bikes.
Today’s funding shouldn’t come as a shock. The coronavirus pandemic has accelerated plans to remodel European cities — and prioritize bikes over automobiles. Last yr, Mymobiapps’s Natasha Lomas and I wrote a comprehensive overview of key coverage developments in 4 main cities — Paris, Barcelona, London and Milan. VanMoof is now benefiting from these coverage shifts.
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