VanMoof raises £30M Series B to capitalise on worldwide e-bike boom

The investment from Norwest Venture Partners, Felix Capital and Balderton brings VanMoof's total raised to £55M.

The Series B round comes just a few months after Balderton led a £10M investment in May 2020

Leading the current wave of e-bike adoption, VanMoof is the fastest-growing e-bike brand worldwide and is on course to redefine city mobility forever.

Global demand for premium quality 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. 

E-bike adoption was an inevitable global shift that was already taking place for many years now but COVID-19 put an absolute turbo on it to the point that we’re approaching a critical mass to transform cities for the better.

Ties Carlier, co-founder VanMoof

VanMoof was founded in 2009 by Taco and Ties Carlier, two Dutch brothers with a vision of the perfect city bike.

Many governments have made major investments in cycling infrastructure during 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 global e-bike market is forecasted to reach £34B + by 2026

The latest projections expect the e-bike market to surpass £34 billion in the next six years, with a growth rate now twice that of pre-pandemic predictions.

As the category leader, VanMoof has been able to capitalise on this momentum. Not only did VanMoof realize a 220% global revenue growth during worldwide lockdown; VanMoof sold more bikes in the first four months of 2020 than the previous two years combined.

VanMoof has seen 10x revenue growth in 24 months hitting $100 million

The VanMoof S3

The Series B funding will be used to meet the increased demand and shorten delivery times. Most importantly, a significant portion of the funding will go towards building a suite of rider service solutions, making best-in-class support one of VanMoof’s key pillars. This includes a global mobile service network, more intuitive app support, smarter software with remote diagnostic solutions, and more proactive customer support. 

Over the next six to twelve months, we’ll have upgraded every step of the customer journey, from production to scheduling check-ups. Getting a VanMoof e-bike serviced will be as easy as ordering a meal online.

Taco Carlier, co-founder VanMoof

The funding will also drive VanMoof’s expansion into key growth markets such as the US and Germany, where new brand stores and pop-up shops will extend the number of customer touch-points.

As the COVID-19 crisis hit supply chains worldwide, VanMoof’s unique control over design and production was a key advantage that allowed the company to react nimbly and effectively. Moreover, VanMoof’s direct to consumer approach allows the company to build a close relationship to their riders, one that will be strengthened by new products and services in the years to come.

Colin Hanna, Principal at Balderton

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