VCs have backed a trendy Dutch e-bike start-up as demand accelerates

European companies thriving online after closing their physical stores

VanMoof cofounder Taco Carlier using one of many firm’s e-bikes.

VanMoof

LONDON – As the pandemic forces individuals to rethink how they get from A to B, enterprise capitalists want to capitalize on corporations providing new types of transport.

VCs from Norwest Venture Partners, Felix Capital and Balderton Capital introduced Wednesday that that they had backed Dutch e-bike VanMoof with $40 million, simply a few months after the corporate raised $13.5 million from tech traders.

Amsterdam-headquartered VanMoof, which has raised $73 million in whole, stated it would use the Series 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 global shift that was already taking place for many years now but Covid-19 put an absolute turbo on it to the point that we’re approaching a critical mass to transform cities for the better,” stated Ties Carlier, co-founder of VanMoof in a assertion.

The firm stated its revenues have grown 10 occasions within the final 24 months to hit $100 million and the U.S. is now its third quickest progress market. During the worldwide lockdown, revenues climbed 220%, VanMoof stated.

Colin Hanna, principal at Balderton, stated the agency’s “control over design and production” was a key benefit that allowed the corporate to “react nimbly and effectively to the crisis.”

The new funding will assist meet elevated demand and cut back supply occasions, VanMoof stated. Some of it would even be used to arrange a international e-bike restore service and software program that works at the side of the corporate’s e-bikes.

Vast market

Accountancy agency Deloitte estimates that over 130 million e-bikes can 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 firm’s e-bikes, which price 2,290 euros, are linked to an app that’s used to unlock the bike and provides real-time info on pace, battery life and instructions.

Elsewhere, Dance, arrange by the founders of music streaming service SoundCloud, stated in June that it has raised 4.Four million euros ($5.1 million) from a consortium of traders led by VC agency BlueYard, which can be based mostly in Berlin.

Unlike different start-ups, Dance would not need to promote e-bikes, which might price nicely in extra of $2,000.

Instead, it has launched a 59 euro per 30 days subscription service that offers clients entry to an e-bike inside 24 hours of them signing up through the corporate’s app. Dance says it would additionally care for the e-bike and exchange it without spending a dime instantly if it will get misplaced or stolen.

 

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