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VCs have backed a classy Dutch e-bike start-up as demand accelerates – Information by Automobilnews.eu

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


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

VanMoof

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

VCs from Norwest Enterprise Companions, Felix Capital and Balderton Capital introduced Wednesday that they’d backed Dutch e-bike VanMoof with $40 million, just some months after the corporate raised $13.5 million from tech buyers.

Amsterdam-headquartered VanMoof, which has raised $73 million in whole, stated it is going to use the Collection 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 international shift that was already happening for a few years now however Covid-19 put an absolute turbo on it to the purpose that we’re approaching a important mass to remodel cities for the higher,” stated Ties Carlier, co-founder of VanMoof in an announcement.

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

Colin Hanna, principal at Balderton, stated the agency’s “management over design and manufacturing” was a key benefit that allowed the corporate to “react nimbly and successfully to the disaster.”

The brand new funding will assist meet elevated demand and scale back supply instances, VanMoof stated. A few of it is going to even be used to arrange a worldwide e-bike restore service and software program that works together with the corporate’s e-bikes.

Huge market

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

Elsewhere, Dance, arrange by the founders of music streaming service SoundCloud, stated in June that it has raised 4.4 million euros ($5.1 million) from a consortium of buyers led by VC agency BlueYard, which can be based mostly in Berlin.

In contrast to different start-ups, Dance does not need to promote e-bikes, which may value properly in extra of $2,000.

As a substitute, it has launched a 59 euro per 30 days subscription service that provides prospects entry to an e-bike inside 24 hours of them signing up through the corporate’s app. Dance says it is going to additionally care for the e-bike and substitute it free of charge instantly if it will get misplaced or stolen.

 

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VCs have backed a classy Dutch e-bike start-up as demand accelerates – Information by Automobilnews.eu
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