Electric Bicycle Company Raises $ 128 Million, Now “Most Funded” in the World
Dutch e-bike company VanMoof has announced one of the biggest fundraisers ever for the e-bike company. The $ 128 million funding round could be a sign of more to come as e-bike sales are hotter than ever and investors are continually watching some of this action.
The $ 128 million funding round was the Dutch e-bike company’s C-Series cycle.
The company revealed that the investment was made in exchange for a minority stake, which would value VanMoof at more than a quarter of a billion dollars.
Combined with a previous financing round, VanMoof says the total of $ 182 million raised in two years makes it the “most funded e-bike company in the world.”
They seemingly barely edged out Rad Power Bikes for this title, as North America’s largest e-bike company raised its own massive $ 150 million funding round earlier this year and another round of $ 25 million. dollars in 2020.
Compared to the value-driven e-bikes that Rad Power Bikes produces, VanMoof has focused on a much more stylish and technological product.
We had the chance to test the company’s latest e-bikes and experience this technology firsthand.
As VanMoof explained, the new funding round will help the company invest more in the development of the technology that has become the hallmark of its bikes:
“The funding will be used to expand production and reinvent the way hardware and software components are made and make high-quality, high-tech e-bikes more accessible to consumers.”
VanMoof has been at a standstill as the e-bike industry has seen sales soar over the past 18 months.
VanMoof’s sales more than tripled in 2020, and the company has capitalized on its success by growing its business footprint from 8 to 50 locations globally. The United States has been one of the fastest growing markets for VanMoof, and the company plans to open a new store in Los Angeles this fall.
While VanMoof’s e-bikes were priced well over $ 3,000, the company’s continued investment in production helped bring prices down to around $ 2,300. While still way above the more budget e-bikes we’ve seen often, VanMoof also offers a number of cool and unique features that can’t be found elsewhere.
A 4-speed automatic electronic transmission helps riders stay in the right gear for various inclines without the need for constant manual tuning.
A fully enclosed chain protects riders’ pants and ankles from oil and grease, and adds to the sleek and recognizable design of VanMoof e-bikes.
The bike includes motion alarms, GPS tracking and remote locking as a theft deterrent, as well as an innovative rear wheel lock that can be easily engaged with the toes when disassembling the bike. A simple kick on the rear axle locks the wheel, making it much more difficult for a potential thief to escape quickly.
VanMoof also has the unfortunate honor of being one of the most copied brands in the electric bike industry. The iconic frame design found its way onto other e-bikes from B2C companies and even a new e-bike built by one of the world’s largest scooter-sharing companies as it made a new foray into electric bikes.
VanMoof is also behind the “TV box” trick in the e-bike transport industry. They were the first to print an image of a large screen TV on their bike boxes to encourage shipping companies to treat bikes better along the way, which reduced the number of damaged bikes. It is now a standard practice adopted by many major e-bike manufacturers on their own e-bike enclosures.
VanMoof has been setting industry trends for years – now imagine what they can do with an extra $ 128 million in their pockets.
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