The fresh cash comes from Norwest Venture Partners, Felix Capital and Balderton Capital.
VanMoof says it has seen 10x revenue growth in the past 24 months, hitting $100 million in the wake of the coronavirus pandemic. The company added that the global e-bike market is forecasted to balloon to $46 billion by 2026, and it wants a big piece of it.
“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,” said Ties Carlier, a co-founder of VanMoof.
VanMoof was founded in 2009 by and Ties and Taco Carlier, two Dutch brothers.