E-bike startup VanMoof has raised a$40 million investment from Norwest Endeavor Partners, Felix Capital and Balderton Capital. The Series B funding follows a$13.5 million financial investment in Might. The financing brings VanMoof’s overall raised to$73 million and furthers the e-bike brand name’s supreme mission of getting the next billion on bikes. The Series B financing will be utilized to fulfill the increased need, shorten shipment times and construct a suite of rider service solutions. It also intends to enhance its share of the e-bike market in The United States and Canada, Europe and Japan. Partly driven by the switch of commuters far from public transport since
of the COVID-19 pandemic, the e-bike craze is removing. Federal governments are now purchasing biking infrastructure and the e-bike market is set to exceed$ 46 billion in the next 6 years, according to reports. Ties Carlier, co-founder of VanMoof,
commented:”E-bike adoption was an unavoidable worldwide shift that was currently occurring for many years now however COVID-19 put an outright turbo on it to the point
that we’re approaching a critical mass to transform cities for the better.”VanMoof says it understood a 220 %global revenue development during the around the world lockdown and
offered more bikes in the first four months of 2020 than the previous 2 years integrated. Stew Campbell, principal at Norwest stated:”Taco, Ties and the VanMoof group have not only built an exceptional brand and best-selling product, but they’re reshaping city mobility all over the world.”Colin Hanna, principal at
Balderton:”As the COVID-19 crisis struck supply chains worldwide, VanMoof’s distinct control over design and production was a key benefit that permitted the company to respond nimbly and successfully. Furthermore, VanMoof’s direct to consumer method allows the company to construct a close relationship to their riders, one that will be strengthened by brand-new products and services in the years to come. ” VanMoof launched the
new VanMoof S3 and X3 in April of this year. I evaluated the S3 here and checked out the earlier X2 version here. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.