Amsterdam-based startup VanMoof has raised a $128 million Collection C funding spherical. The corporate designs and sells electrical bikes which might be fairly in style in some markets. It now needs to develop into the world’s main e-bike model by iterating at a sooner tempo.
Asia-based non-public fairness agency Hillhouse Funding is main the spherical, with Gillian Tans, the previous CEO of Reserving.com, additionally taking part. Some present buyers additionally put some extra money on the desk, comparable to Norwest Enterprise Companions, Felix Capital, Balderton Capital and TriplePoint Capital.
At this time’s Collection C represents an enormous bounce in comparison with the corporate’s Collection B. Final yr, VanMoof raised a $40 million Collection B. General, in case you add all of it up, the startup has raised $182 million in complete.
For those who’re not conversant in VanMoof’s e-bikes, TechCrunch reviewed each the newest S3 and X3 fashions. On paper, they’re an identical. The VanMoof X3 contains a smaller body and smaller wheels.
What makes VanMoof totally different out of your common e-bike producer is that the corporate tries to manage all the things from the availability chain to the shopper expertise. VanMoof e-bikes are premium e-bikes which might be primarily designed for metropolis rides. The latest fashions at present value $2,298 or €2,198.
They characteristic an electrical motor paired with an digital gear shifting system. It has 4 gears and also you don’t have to alter gears your self. All it’s a must to do is bounce on the bike and begin pedaling.
Recognizable by their iconic triangular-shaped futuristic-looking frames, the S3 and X3 additionally include hydraulic brakes, built-in lights and a few sensible options. There’s an built-in movement detector mixed with an alarm, a GPS chip and mobile connectivity.
For those who declare your bike as stolen, the GPS and mobile chips go stay and you may monitor your bike within the VanMoof app. The corporate’s bikes at the moment are additionally appropriate with Apple’s Discover My app.
As a substitute of relying completely on off-the-shelf elements, the corporate works with a small set of suppliers to fabricate customized parts. This manner, it will possibly reduce out as many middleperson as attainable to deliver prices down. It’s additionally an excellent aggressive benefit.
Rising an organization like VanMoof is a capital-intensive enterprise. The corporate has opened retail shops and repair hubs in 50 totally different cities world wide. Whereas the corporate began in Europe, the U.S. is now the quickest development marketplace for VanMoof.
With right now’s funding spherical, the startup plans to double-down on its present technique. You’ll be able to count on up to date bikes with refined designs and extra customized elements. You’ll be able to count on extra shops and repair hubs world wide. And you may in all probability count on extra on-line gross sales as nicely.
“It should assist us get 10 million individuals on our bikes within the subsequent 5 years,” co-founder and CEO Taco Carlier stated in a press release. To this point, there are 150,000 individuals utilizing VanMoof bikes.
At this time’s funding shouldn’t come as a shock. The coronavirus pandemic has accelerated plans to remodel European cities — and prioritize bikes over automobiles. Final yr, TechCrunch’s Natasha Lomas and I wrote a complete overview of key coverage developments in 4 main cities — Paris, Barcelona, London and Milan. VanMoof is now benefiting from these coverage shifts.