AMSTERDAM (BRAIN) — E-bike manufacturer VanMoof announced Wednesday it raised $40 million from Norwest Venture Partners, Felix Capital and Balderton Capital as it continues to expand its market share in North America, Europe, and Japan.
The Series B financing comes after a $13.5 million investment in May and furthers VanMoof's global expansion. It brings the Dutch company's total raised to $73 million.
The funding will be used to increase production to meet demand and shorten delivery times, continue innovation, further global expansion, and implement "next-level rider service solutions, making best-in-class support one of VanMoof's key pillars."
"E-bike adoption was an inevitable global shift that was already taking place for many years now, but COVID-19 put an absolute turbo on it to the point that we're approaching a critical mass to transform cities for the better," said Ties Carlier, a VanMoof co-founder.
With its revenue growing 220% globally during COVID-19, VanMoof said the U.S. has become its third fastest growth market since the pandemic started in the spring. VanMoof said it has sold more bikes in the first four months of 2020 than the previous two years combined.
Earlier this month, VanMoof announced the opening of a new company-owned retail store in Seattle, its third location in the U.S. Founded in 2009, the company predicts the global e-bike market to surpass $46 billion by 2026, double the pre-COVID-19 predictions.
"(VanMoof co-founder Taco Carlier), Ties, and the VanMoof team have not only built an unparalleled brand and best-selling product, but they're reshaping city mobility all over the world," said Stew Campbell, principal at Norwest. "We look forward to supporting the VanMoof team as they expand production, boost rider service solutions, and bring their e-bike experience to new markets."
