Only a few months after securing a €12.5 million funding round, Dutch e-bike company VanMoof has raised another $40 million in Series B funding to cope with growth.

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.

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