VanMoof raises $128 million to turn into the world’s main e-bike model – TechCrunch

Amsterdam-based startup VanMoof has raised a $128 million Series C funding spherical. The firm designs and sells electrical bikes which can be fairly fashionable in some markets. It now desires to turn into the world’s main e-bike model by iterating at a sooner tempo.

Asia-based personal fairness agency Hillhouse Investment is main the spherical, with Gillian Tans, the previous CEO of Booking.com, additionally collaborating. Some present traders additionally put some more cash on the desk, comparable to Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.

Today’s Series C represents a giant soar in comparison with the corporate’s Series B. Last yr, VanMoof raised a $40 million Series B. Overall, in the event you add all of it up, the startup has raised $182 million in complete.

If you’re not aware of VanMoof’s e-bikes, TechCrunch reviewed each the newest S3 and X3 fashions. On paper, they’re equivalent. The VanMoof X3 incorporates 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 can be primarily designed for metropolis rides. The most up-to-date fashions presently price $2,298 or €2,198.

They function an electrical motor paired with an digital gear shifting system. It has 4 gears and also you don’t have to vary gears your self. All it’s a must to do is soar 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.

If you declare your bike as stolen, the GPS and mobile chips go reside and you may monitor your bike within the VanMoof app. The firm’s bikes are actually additionally suitable with Apple’s Find My app.

Instead of relying completely on off-the-shelf components, the corporate works with a small set of suppliers to fabricate customized elements. This approach, it might reduce out as many middleperson as potential to deliver prices down. It’s additionally a great aggressive benefit.

Growing an organization like VanMoof is a capital-intensive enterprise. The firm has opened retail shops and repair hubs in 50 totally different cities around the globe. While the corporate began in Europe, the U.S. is now the quickest progress marketplace for VanMoof.

With at this time’s funding spherical, the startup plans to double-down on its present technique. You can anticipate up to date bikes with refined designs and extra customized components. You can anticipate extra shops and repair hubs around the globe. And you’ll be able to in all probability anticipate extra on-line gross sales as properly.

“It will help us get 10 million people on our bikes in the next five years,” co-founder and CEO Taco Carlier mentioned in an announcement. So far, there are 150,000 folks utilizing VanMoof bikes.

Today’s funding shouldn’t come as a shock. The coronavirus pandemic has accelerated plans to remodel European cities — and prioritize bikes over automobiles. Last 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.