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