Amsterdam-based startup VanMoof has raised a $128 million Sequence C funding spherical. The corporate designs and sells electrical bikes which might be fairly common in some markets. It now needs to turn into the world’s main e-bike model by iterating at a sooner 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 buyers additionally put some extra money on the desk, reminiscent of Norwest Enterprise Companions, Felix Capital, Balderton Capital and TriplePoint Capital.
At present’s Sequence C represents a giant soar in comparison with the corporate’s Sequence B. Final yr, VanMoof raised a $40 million Sequence B. General, when you add all of it up, the startup has raised $182 million in whole.
In the event you’re not conversant in VanMoof’s e-bikes, TechCrunch reviewed each the newest S3 and X3 fashions. On paper, they’re similar. The VanMoof X3 contains a smaller body and smaller wheels.
What makes VanMoof totally different out of your common e-bike producer is that the corporate tries to regulate all the pieces from the provision chain to the client expertise. VanMoof e-bikes are premium e-bikes which might be primarily designed for metropolis rides. The latest fashions at the moment price $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 it’s important to do is soar 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 good options. There’s an built-in movement detector mixed with an alarm, a GPS chip and mobile connectivity.
In the event you declare your bike stolen, the GPS and mobile chips go reside and you’ll monitor your bike within the VanMoof app. The corporate’s bikes are actually 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 parts. This manner, it may possibly minimize out as many intermediaries as attainable to convey prices down. It’s additionally a superb 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 progress marketplace for VanMoof.
With right this moment’s funding spherical, the startup plans to double down on its present technique. You may anticipate up to date bikes with refined designs and extra customized elements. You may anticipate extra shops and repair hubs all over the world. And you’ll most likely anticipate extra on-line gross sales as properly.
“It’ll assist us get 10 million individuals on our bikes within the subsequent 5 years,” co-founder and CEO Taco Carlier stated in an announcement. To date, there are 150,000 individuals utilizing VanMoof bikes.
At present’s funding shouldn’t come as a shock. The coronavirus pandemic has accelerated plans to remodel European cities — and prioritize bikes over automobiles. Final yr, TechCrunch’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.
