Swish eBike manufacturer VanMoof has raised $128 million in Series C funding, making it the most well-funded eBike company in the world.
The Dutch eBike company has now raised more than $180 million across several rounds of funding in less than two years.
VanMoof says it will be using the funding to expand production, and “reinvent the way in which hardware and software components are made,” as well as making its eBikes more accessible to consumers.
“We’re reinventing, redesigning, and re-engineering every component of the bicycle. It’s never been done before and will change how a bike is made, sold, and serviced forever. It will help us get 10 million people on our bikes in the next five years and our investors share in our vision of a smarter and cleaner mobility future,” says Taco Carlier, Co-founder of VanMoof.
According to analysts, the global eBike market is expected to surpass $46 billion in the next six years – with a growth rate twice as high as predicted before the coronavirus pandemic.
“With VanMoof’s unique approach to manufacturing and innovative, consumer-first technology, we are excited about its eBikes’ potential in engaging millions of riders around the world to adopt active transportation into their commute and to build a healthy lifestyle. We are committed to contributing to advancing climate solutions,” says Haoyu Shen, Partner at Hillhouse Investment, the company that led the funding round.
At the moment, VanMoof has around 150,000 users around the world with brand stores in Amsterdam, Berlin, London, New York, Paris, San Francisco, Seattle, and Tokyo. However, this new funding round will likely see these expanded significantly.