Amsterdam-based startup VanMoof has raised a $128 million Sequence C funding spherical. The corporate designs and sells electrical bikes which might be fairly in style in some markets. It now desires to grow to be 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 present traders additionally put some extra money on the desk, comparable to Norwest Enterprise Companions, Felix Capital, Balderton Capital and TriplePoint Capital.
As we speak’s Sequence C represents a giant bounce in comparison with the corporate’s Sequence B. Final yr, VanMoof raised a $40 million Sequence B. Total, for those who add all of it up, the startup has raised $182 million in complete.
If you happen to’re not acquainted with VanMoof’s e-bikes, TechCrunch reviewed each the newest S3 and X3 fashions. On paper, they’re an identical. The VanMoof X3 incorporates a smaller body and smaller wheels.
What makes VanMoof completely 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 might be primarily designed for metropolis rides. The latest 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 vary gears your self. All it’s a must to do is bounce 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.
If you happen to declare your bike as stolen, the GPS and mobile chips go stay and you may monitor your bike within the VanMoof app. The corporate’s bikes at the moment are additionally suitable with Apple’s Discover My app.
As a substitute of relying solely on off-the-shelf components, the corporate works with a small set of suppliers to fabricate customized parts. This manner, it may possibly minimize out as many middleperson as doable 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 completely different cities around the globe. Whereas the corporate began in Europe, the U.S. is now the quickest development marketplace for VanMoof.
With at this time’s funding spherical, the startup plans to double-down on its present technique. You possibly can count on up to date bikes with refined designs and extra customized components. You possibly can count on extra shops and repair hubs around the globe. And you’ll most likely count on extra on-line gross sales as effectively.
“It’s going to assist us get 10 million individuals on our bikes within the subsequent 5 years,” co-founder and CEO Taco Carlier stated in a press release. To date, there are 150,000 individuals utilizing VanMoof bikes.
As we speak’s funding shouldn’t come as a shock. The coronavirus pandemic has accelerated plans to rework European cities — and prioritize bikes over vehicles. 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.