VCs have backed a classy Dutch e-bike start-up as demand accelerates
VanMoof cofounder Taco Carlier driving one of many firm’s e-bikes.
LONDON – Because the pandemic forces individuals to rethink how they get from A to B, enterprise capitalists need to capitalize on corporations providing new types of transport.
VCs from Norwest Enterprise Companions, Felix Capital and Balderton Capital introduced Wednesday that that they had backed Dutch e-bike VanMoof with $40 million, only a few months after the corporate raised $13.5 million from tech buyers.
Amsterdam-headquartered VanMoof, which has raised $73 million in whole, mentioned it’s going to use the Collection B funding to the additional capitalize on a worldwide e-bike increase that has been fuelled by the coronavirus.
“E-bike adoption was an inevitable international shift that was already going down for a few years now however Covid-19 put an absolute turbo on it to the purpose that we’re approaching a vital mass to remodel cities for the higher,” mentioned Ties Carlier, co-founder of VanMoof in a press release.
The corporate mentioned its revenues have grown 10 occasions within the final 24 months to hit $100 million and the U.S. is now its third quickest development market. Through the worldwide lockdown, revenues climbed 220%, VanMoof mentioned.
Colin Hanna, principal at Balderton, mentioned the agency’s “management over design and manufacturing” was a key benefit that allowed the corporate to “react nimbly and successfully to the disaster.”
The brand new funding will assist meet elevated demand and scale back supply occasions, VanMoof mentioned. A few of it’s going to even be used to arrange a world e-bike restore service and software program that works at the side of the corporate’s e-bikes.
Accountancy agency Deloitte estimates that over 130 million e-bikes will likely be bought between 2020 and 2023 and VanMoof is not the one e-bike start-up catching the attention of VCs.
In June, Brussels-based Cowboy introduced a 23 million euro ($27 million) collection B funding spherical led by Exor Seeds, the early stage funding arm of Exor, which is the controlling shareholder of Ferrari.
The corporate’s e-bikes, which price 2,290 euros, are linked to an app that’s used to unlock the bike and provides real-time data on velocity, battery life and instructions.
Elsewhere, Dance, arrange by the founders of music streaming service SoundCloud, mentioned in June that it has raised 4.Four million euros ($5.1 million) from a consortium of buyers led by VC agency BlueYard, which can be based mostly in Berlin.
In contrast to different start-ups, Dance does not wish to promote e-bikes, which may price effectively in extra of $2,000.
As an alternative, it has launched a 59 euro per thirty days subscription service that provides prospects entry to an e-bike inside 24 hours of them signing up through the corporate’s app. Dance says it’s going to additionally care for the e-bike and substitute it free of charge instantly if it will get misplaced or stolen.