Today Dutch e-bike brand VanMoof has announced an approx. €108 million Series C minority investment, in a funding round led by Hillhouse Investment, an Asia-based private equity firm.
The Dutch scaleup was founded in the ‘cycling capital of the world’, and has now grown to cover global locations like Tokyo, Berlin, San Francisco, London, Paris, and Taipei. The team has created their product specifically for cities, even integrating theft defense systems, handy ‘Bike Doctors’ reachable by mobile and a ‘tough’ design that beats the disposable economy.
The fresh funds cement VanMoof as a tipping point brand to drive worldwide e-bike adoption and help further its rapid global expansion. The company will use the funds to increase its production capabilities, continue the development of new technology, improve bike specs and reliability, and break down more barriers to cycling.
Alongside Hillhouse Investment, the Series C funding includes commitments from Gillian Tans, former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital, and TriplePoint Capital.
“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” said Taco Carlier, Co-founder of VanMoof.
Global demand for e-bikes continues to skyrocket as city dwellers reevaluate their transport choices. As the transportation sector generates the largest share of greenhouse gas emissions (29% of all greenhouse gas emissions in 2019) and cycling offers a ‘socially distanced’ method of transport, many cities have made major investments in car-free futures, with revamped streetscapes and more cycling infrastructure.
“Taco, Ties, and the team at VanMoof have leveraged unparalleled product focus to inspire a movement. That focus has enabled them to build a unique back to front platform, spanning Taipei to Amsterdam, that makes the world’s highest quality and most accessible e-bike. As global warming accelerates and COVID-19 persists, the transformation of urban mobility has never been more urgent, both for the cities we call home and the planet more broadly. At Balderton, we’re humbled to be on the ride alongside Norwest and Felix and are thrilled to now be joined by Hillhouse Investment”, said Colin Hanna, Partner at Balderton.