VanMoof, Dutch startup enabling electric bikes with technology, has raised a €12.5 million funding round from Balderton Capital and assembly partner SINBON Electronics. The investment will help the company expand as demand for its bikes is on the uptick.
VanMoof markets its electric bikes to city dwellers with a direct-to-consumer sales model. Thanks to a partnership with SINBON Electronics, the Dutch bike designer has been able to take complete ownership of the supply chain. The VanMoof mobile app allows riders to control various aspects of the bike’s technology, such as set and unlock alarms, program custom gear settings, and shut down the bike if it’s been stolen.
Taco Carlier, who founded the company with his brother Tries in 2009, commented on the investment: “Not only do we appreciate this vote of confidence from an investor with deep sector experience, it’s a great sign that investments are becoming greener, shifting away from fossil fuels and towards e-mobility.”
Consumers are shifting that way, too. In a press release the Dutch company says its sales have consistently been 20 percent above target throughout 2020 so far, which means the business is on its way to pass a projected annual revenue goal of €100 million. With branded stores across Europe, the US and a couple in Asia, the company will use the new funding to further expand internationally and keep up with increased demand.
Photo: VanMoof co-founder Taco Carlier