AMSTERDAM (BRAIN) — Dutch e-bike manufacturer VanMoof announced a $128 million Series C minority investment led by an Asia-based private equity firm.
The funding, which raises VanMoof's total to $182 million in less than two years, will be used to expand production, refine hardware and software components, and make e-bikes more accessible to consumers.
The latest round is led by Hillhouse Investment, a global firm of investors and operating executives focused on building and investing in business franchises that achieve sustainable growth. Hillman Investments is joined by Gillian Tans, former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital, and TriplePoint Capital.
According to VanMoof, it is now the most funded e-bike company in the world.
"We're reinventing, redesigning, and re-engineering every component of the bicycle," said Taco Carlier, VanMoof co-founder. "It's never been done before and will change how a bike is made, sold, and serviced forever. It will help us get 10 million people on our bikes in the next five years, and our investors share in our vision of a smarter and cleaner mobility future."
VanMoof said global e-bike demand increased during the COVID-19 lockdown with more urban commuters turning to bikes as a transportation alternative.
"With VanMoof's unique approach to manufacturing and innovative, consumer-first technology, we are excited about its e-bikes' potential in engaging millions of riders around the world to adopt active transportation into their commute and to build a healthy lifestyle," said Haoyu Shen, Hillhouse Investment partner. "We are committed to contributing to advancing climate solutions."
