– NETHERLANDS, Amsterdam – VanMoof, the category-defining Dutch e-bike brand, today announced a $40 million Series B financing round from Norwest Venture Partners, Felix Capital, and Balderton Capital bringing the total raised to date to $73 million.
The Series B financing comes just months after a $13.5 million investment in May and bolsters VanMoof for further global expansion, giving the company a stronger e-bike market share in North America, Europe and Japan.
“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 co-founder Ties Carlier. “Our next frontier is to transform our business by building a full support ecosystem around every rider.”
“Taco, Ties and the VanMoof team have not only built an unparalleled brand and best-selling product, but they’re reshaping city mobility all over the world. We look forward to supporting the VanMoof team as they expand production, boost rider service solutions, and bring their e-bike experience to new markets,” commented Stew Campbell, Principal at Norwest.
The Series B funding will be used to meet the increased demand and shorten delivery times. Most importantly, a significant portion of the funding will go towards building a suite of rider service solutions, making best-in-class support one of VanMoof’s key pillars.
This ecosystem includes a global mobile service network, more intuitive app support, smarter software with remote diagnostic solutions, and more proactive customer support.
“Over the next six to twelve months, we’ll have upgraded every step of the customer journey, from production to scheduling check-ups. Getting a VanMoof e-bike serviced will be as easy as ordering a meal online,” said co-founder, Taco Carlier.
The funding will also drive VanMoof’s expansion into key growth markets such as the US and Germany, where new brand stores and pop-up shops will extend the number of customer touchpoints. Following the expansion of brand stores in Brooklyn, San Francisco and Seattle, a series of pop-ups are planned to open across the US in Spring 2021, in cities like Austin, Chicago, D.C., LA and Portland
“VanMoof is a truly category-defining brand that continues to push the boundaries of service and design. VanMoof stands out not only because they master the hardware and software parts of their e-bikes, designing everything in-house, but also because of their guaranteed quality thanks to ownership over the supply chain in between. We’re excited to join the VanMoof team in their journey to accelerate new transport and commuting behaviors across the world.” commented Antoine Nussenbaum, co-founder of Felix Capital.
“As the COVID-19 crisis hit supply chains worldwide, VanMoof’s unique control over design and production was a key advantage that allowed the company to react nimbly and effectively. Moreover, VanMoof’s direct to consumer approach allows the company to build a close relationship to their riders, one that will be strengthened by new products and services in the years to come,” added Colin Hanna, Principal at Balderton.
The US has become an important growth market for VanMoof, with the company establishing successful brand stores in New York, San Francisco and Seattle.
“As social distancing becomes the new reality, public transport and long waits in traffic are less appealing than ever. With an e-bike, you can get to city destinations much faster than by car. That can save the average American commuter up to 60 minutes every day, all without breaking a sweat,” said co-founder Ties Carlier.
VanMoof was founded in 2009 by Taco and Ties Carlier, two Dutch brothers with a vision of the perfect city bike. Ten years later, their high-tech feature-rich e-bikes are ridden worldwide by a community of over 120,000 riders. VanMoof brand stores can be found in Amsterdam, Berlin, London, New York, Paris, San Francisco, Seattle, Taipei, and Tokyo, with riders across the globe buying online. Operating as a fully integrated end-to-end company, VanMoof takes complete ownership of everything from design to production, from sales to after-service – all geared to get the next billion on bikes worldwide. A major figure in the current wave of e-bike adoption, VanMoof is on course to redefine city mobility forever.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 150 active companies currently in our venture and growth equity portfolio. The firm invests in early to late-stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel.
For more information, please visit www.nvp.com.
About Felix Capital
Felix Capital is a London-based venture capital firm for the Creative Class, operating at the intersection of technology and creativity. Felix focuses on digital lifestyle, investing in emerging digital consumer brands and related enabling-technologies. The firm’s mission is to be a partner of choice for entrepreneurs with big ideas and help them build strong brands that stand out and move the world forward. Since its launch in 2015, Felix has raised over $600m for early-stage and growth. Illustrative investments in Europe and North America include Farfetch, an online marketplace for the fashion and luxury; Peloton, a fitness technology and subscription service; Deliveroo, an online food delivery company; Mirakl, a SaaS platform for Marketplaces; Mejuri, a modern jewelry brand; and Dott, an e-scooter and bike-sharing platform.
About Balderton Capital
Balderton Capital is a London-based venture firm focused exclusively on backing the best European-founded technology companies. In the two decades since its founding, Balderton has worked with hundreds of extraordinary European founders and has raised eight funds totaling more than $3bn. Previous exited investments include Betfair (FTSE: BET), Digital Surgery (Medtronic), Frontier Car Group (OLX Group), Magic Pony (Twitter), NaturalMotion (Zynga), Recorded Future (Insight Partners), Sunrise (Microsoft), Talend (NASDAQ: TLND,) and Yoox Net-a-Porter (BIT: YNAP).
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