Amsterdam-based startup VanMoof has raised a $128 million Collection C funding spherical. The corporate designs and sells electrical bikes which are fairly standard in some markets. It now desires to turn out to be the world’s main e-bike model by iterating at a quicker tempo.
Asia-based non-public fairness agency Hillhouse Funding is main the spherical, with Gillian Tans, the previous CEO of Reserving.com, additionally collaborating. Some current traders additionally put some extra money on the desk, resembling Norwest Enterprise Companions, Felix Capital, Balderton Capital and TriplePoint Capital.
At the moment’s Collection C represents a giant leap in comparison with the corporate’s Collection B. Final 12 months, VanMoof raised a $40 million Collection B. General, if you happen to add all of it up, the startup has raised $182 million in whole.
What makes VanMoof totally different out of your common e-bike producer is that the corporate tries to manage the whole lot from the provision chain to the client expertise. VanMoof e-bikes are premium e-bikes which are primarily designed for metropolis rides. The latest fashions at present 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 vary gears your self. All you need 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.
When you declare your bike as stolen, the GPS and mobile chips go dwell and you’ll monitor your bike within the VanMoof app. The corporate’s bikes at the moment are additionally appropriate with Apple’s Discover My app.
As a substitute of relying solely on off-the-shelf elements, the corporate works with a small set of suppliers to fabricate customized elements. This manner, it could possibly lower out as many middleperson as attainable to convey prices down. It’s additionally a great aggressive benefit.
Rising an organization like VanMoof is a capital-intensive enterprise. The corporate has opened retail shops and repair hubs in 50 totally different cities all over the world. Whereas the corporate began in Europe, the U.S. is now the quickest development marketplace for VanMoof.
With right this moment’s funding spherical, the startup plans to double-down on its present technique. You’ll be able to count on up to date bikes with refined designs and extra customized elements. You’ll be able to count on extra shops and repair hubs all over the world. And you’ll most likely count on extra on-line gross sales as nicely.
“It’s going to assist us get 10 million individuals on our bikes within the subsequent 5 years,” co-founder and CEO Taco Carlier mentioned in a press release. To this point, there are 150,000 individuals utilizing VanMoof bikes.
At the moment’s funding shouldn’t come as a shock. The coronavirus pandemic has accelerated plans to remodel European cities — and prioritize bikes over vehicles. Final 12 months, ahosti’s Natasha Lomas and I wrote a complete overview of key coverage developments in 4 main cities — Paris, Barcelona, London and Milan. VanMoof is now benefiting from these coverage shifts.