Amsterdam-based startup VanMoof has raised a $128 million Series C funding spherical. The firm designs and sells electrical bikes which can be fairly in style in some markets. It now needs to become the world’s leading e-bike brand by iterating at a quicker tempo.
Asia-based non-public fairness agency Hillhouse Investment is leading the spherical, with Gillian Tans, the former CEO of Booking.com, additionally taking part. Some current buyers additionally put some more cash on the desk, akin to Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.
Today’s Series C represents a giant soar in contrast to the firm’s Series B. Last 12 months, VanMoof raised a $40 million Series B. Overall, in case you add all of it up, the startup has raised $182 million in complete.
If you’re not accustomed to VanMoof’s e-bikes, TechCrunch reviewed each the most up-to-date S3 and X3 fashions. On paper, they’re equivalent. The VanMoof X3 incorporates a smaller body and smaller wheels.
What makes VanMoof totally different out of your common e-bike producer is that the firm tries to management every little thing 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 at the moment price $2,298 or €2,198.
They characteristic 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 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.
If you declare your bike as stolen, the GPS and mobile chips go reside and you may observe your bike in the VanMoof app. The firm’s bikes are actually additionally appropriate 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 elements. This approach, it may possibly minimize out as many middleperson as attainable to carry 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 progress marketplace for VanMoof.
With in the present day’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 may in all probability count on extra on-line gross sales as nicely.
“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 12 months, 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.