Dutch e-bike specialist Vanmoof is kicking into high gear. The Amsterdam-based scalelup just closed its series B round of funding, stuffing its coffers with an additional 34 million euros in capital. This comes merely months after the company announced 12.5 million euros in new investment from Balderton Capital and assembly partner Sinbon Electronics. Series B contributors include Norwest Venture Partners, Felix Capital and repeat investor Balderton.
Driven by increased global demand in the wake of the Covid-19 pandemic, Vanmoof has greatly benefited by the surge in global markets adopting electronic bike solutions – particularly in North America, Europe and Japan. The e-bike sector is expected to hit roughly 40 billion euros by 2026, more than double that which was anticipated prior to the coronavirus. In all, the Dutch e-bike specialist has raised 62 million euros in investment, while also experiencing a 10x growth in revenue over the last two years. According to the company, the new funds are earmarked for use in increasing production, continuing product innovation, realizing global expansion and implementing next-level rider service solutions.