We’re proud to be able to say that we’ve just secured the largest ever Series C investment for a European e-bike brand – one which makes us the most funded e-bike company in the world. The $128 million investment will be used to carry out some pretty ambitious plans for the years ahead as we continue to encourage millions of riders around the world to use biking as their main form of transportation. Our co-founders Taco and Ties Carlier are on hand to talk us through what this most recent investment means for you.
We’re on a mission to make two wheels the default for commutes worldwide. And by developing a seamless e-bike, we’re making this a reality for city-dwellers everywhere. Because why should our headquarters’ hometown and cycle capital of the world get all the fun? Having raised a total of $182 million in less than two years, we’re thrilled to have entered a new phase of growth that can help us realize that vision and share Amsterdam’s biking culture with even more people around the world. But where is the funding coming from and what is it being put towards?
Well to put it simply, we’ll use our $128 million Series C investment to increase our production capabilities, continue the development of new technology, improve our bike specs and reliability, and break down more barriers to cycling. We’ll take our industry-first, vertically integrated supply chain and advanced tech to maturity and shift from vertical integration to circular integration: a radical business model unlike anything in the bike industry at present. Ultimately, this investment will make our e-bikes more accessible to our riders than ever before – a key aspect in our mission to get the next billion on bikes worldwide.
Scaling up for riders worldwide
Our focus over the last year has been on significantly improving our accessibility and production capabilities in response to the unprecedented surge in e-bike sales, particularly in the US – our fastest growing market – where our own sales alone more than tripled in 2020. We’ve set in motion our plans to expand our retail footprint from 8 to 50 locations worldwide; integrated more intuitive support in the VanMoof app with our troubleshooting tool and Chat feature; and we’re quickly scaling up our Support operations on the ground across the world.
The fact we’re going to be able to use this funding to level up what we can offer our riders across the world makes us very proud, happy, and more motivated than ever. We’re thankful for those who believe in us and believe in our mission to get the next billion on bikes. We just took one huge step closer to helping millions more people discover the joys of city biking and making the world a better place.
Our Series C funding round was led by Hillhouse Investment, an Asia-based private equity firm, and also includes commitments from Gillian Tans, former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital, and TriplePoint Capital.