{"id":11779,"date":"2020-05-13T18:10:00","date_gmt":"2020-05-13T18:10:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2552874"},"modified":"2020-05-13T18:10:00","modified_gmt":"2020-05-13T18:10:00","slug":"vanmoof-raises-13-5m-to-capitalize-on-e-bike-boom-in-wake-of-covid-19-2","status":"publish","type":"post","link":"http:\/\/ipsnews.net\/business\/2020\/05\/13\/vanmoof-raises-13-5m-to-capitalize-on-e-bike-boom-in-wake-of-covid-19-2\/","title":{"rendered":"VanMoof raises $13.5M to capitalize on e-bike boom in wake of COVID-19"},"content":{"rendered":"

VanMoof<\/a>, the Dutch e-bike startup which launched in 2009, is now officially a “scale-up” after attracting a €12.5M \/ $13.5M investment from London VC Balderton Capital and SINBON Electronics, the Taiwan-based electronics manufacturer which is its bike assembly partner.<\/p>\n

The funds will be used for international expansion, following the launch of the new electric VanMoof S3<\/a> and X3 bikes<\/a>.<\/p>\n

The announcement comes at a fortuitous time. Cities all over Europe are gingerly emerging from lockdown during the recent outbreak of the COVID-19 pandemic, and European governments are desperate to get their economies moving. But much of the official advice is to avoid public transport where possible, due to the near-impossibility of social distancing.<\/p>\n

So with cycling a viable option in many cities, but distance still the old adversary, many consumers are looking to e-bikes as the solution to commuting, versus traditional bikes, which can’t compete with an e-bike’s ability to take the rider much further than normal.<\/p>\n

To boost take-up, the UK government has unleashed<\/a> a £2 billion package to create a new era for cycling and walking, leading to shares in bike retailer Halfords jumping by 17% on Monday<\/a>.<\/p>\n

In the US, New York City just committed to adding protected bike lanes across Manhattan and Brooklyn. Berlin is extending some of its already extensive bike lanes. And Milan will introduce a five-mile cycle lane to cut car use after the lockdown. New York City has reported a 50% increase in cycling compared to this time last year. Cycling in Philadelphia has increased by more than 150% during the COVID-19 outbreak.<\/p>\n

Taco Carlier, VanMoof co-founder, said in a statement: “It’s a unique time to build such a meaningful partnership. 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.”<\/p>\n

Colin Hanna, principal at Balderton said: “VanMoof produces a category-leading product in a rapidly growing market that is changing the world for the better. We believe that the quality, community, and experience of VanMoof will make them a household name from Tokyo to Berlin.”<\/p>\n

VanMoof recently launched the S3 and X3 models which are upgrades to previous models, at a significantly cheaper price. The price is a reflection of the fact that VanMoof has full control of the supply chain thanks to its partnership with SINBON, combined with a direct-to-consumer sales model which means it takes complete ownership of everything from design to production, from sales to after-service.<\/p>\n

Furthermore, in the last two years, the company has quadrupled its €10m 2018 revenue to nearly €40m in 2019, with sales 20% above target throughout 2020 so far, meaning it’s looking at an annual revenue goal of €100m.<\/p>\n

The high performance new electric VanMoof S3 and X3 have a new range of features, including electronic four-speed gear shifting, integrated hydraulic brakes, and double the Turbo Boost power.<\/p>\n

But VanMoof is not the only VC-backed e-bike on the market. Brussels-based Cowboy<\/a> is an e-bike startup that only appeared in 2017 but has since gone on to raise $19.5M from Tiger Global and London’s Index Ventures.<\/p>\n

While it’s a tragedy that it’s taken a deathly pandemic to kick-start this market, the prospect of our cities becoming radically changed for the better, with cleaner air and healthier, bike-riding citizens, does seem to be appearing on the horizon.<\/p>\n

\n

See Campaign: <\/strong>http:\/\/http:\/\/http:\/\/News.com<\/a>
Contact Information:<\/b>
Mike Butcher <\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

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Contact Information:<\/h3>\n

Mike Butcher <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

VanMoof, the Dutch e-bike startup which launched in 2009, is now officially a “scale-up” after attracting a €12.5M \/ $13.5M investment from London VC Balderton Capital and SINBON Electronics, the Taiwan-based electronics manufacturer which is its bike assembly partner. The funds will be used for international expansion, following the launch of the new electric VanMoof S3 and X3 … Continue reading VanMoof raises $13.5M to capitalize on e-bike boom in wake of COVID-19<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-11779","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"\nVanMoof raises $13.5M to capitalize on e-bike boom in wake of COVID-19 - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/05\/13\/vanmoof-raises-13-5m-to-capitalize-on-e-bike-boom-in-wake-of-covid-19-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VanMoof raises $13.5M to capitalize on e-bike boom in wake of COVID-19 - Business\" \/>\n<meta property=\"og:description\" content=\"VanMoof, the Dutch e-bike startup which launched in 2009, is now officially a “scale-up” after attracting a €12.5M \/ $13.5M investment from London VC Balderton Capital and SINBON Electronics, the Taiwan-based electronics manufacturer which is its bike assembly partner. 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