Amsterdam-based startup VanMoof has raised a $128 million Series C funding round. The busines designs and sells electric motorcycles that are quite popular in some business. It now wants to become the world’s heading e-bike brand by iterating at a faster pace.
Asia-based private equity firm Hillhouse Investment is leading the round, with Gillian Tans, the former CEO of Booking.com, also participating. Some existing investors likewise framed some more money on the table, such as Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.
Today’s Series C represents a big mount compared to the company’s Series B. Last year, VanMoof raised a $40 million Series B. Overall, if you include everything there is up, the startup has raised $182 million in total.
What sees VanMoof different from your norm e-bike manufacturer is that the company tries to control everything from the supply chain to the customer know. VanMoof e-bikes are premium e-bikes that are primarily designed for metropolitan moves. The most recent models currently expense $2,298 or EUR2, 198.
They feature an electric motor paired with an electronic gear transfer arrangement. It has four paraphernaliums and you don’t have to change gears yourself. All you have to do is jump on the motorcycle and start pedaling.
Recognizable by their iconic triangular-shaped futuristic-looking frames, the S3 and X3 also come with hydraulic dampers, integrated beacons and some smart facets. There’s an integrated gesture detector combined with an alarm, a GPS chip and cellular connectivity.
If you declare your bike as stolen, the GPS and cellular microchips go live and you can track your bicycle in the VanMoof app. The company’s bikes are now too compatible with Apple’s Find My app.
Instead of relying alone on off-the-shelf roles, the company works with a small set of suppliers to manufacture usage factors. This route, it can cut out as countless middleperson as possible to raise expenses down. It’s too a good competitive advantage.
Growing a company like VanMoof is a capital-intensive business. The firm has opened retail store and busines centres in 50 different metropolitans various regions of the world. While the company started in Europe, the U.S. is now the fastest growth market for VanMoof.
With today’s funding round, the startup plans to double-down on its current policy. You can expect informed bicycles with refined schemes and more patronage portions. You can expect more accumulates and busines hubs various regions of the world. And you can probably expect more online marketings as well.
“It will help us get 10 million people on our motorcycles in the next five years, ” co-founder and CEO Taco Carlier said in a statement. So far, there are 150,000 people expending VanMoof bikes.
Today’s investment shouldn’t come as a surprise. The coronavirus pandemic has accelerated plans to transform European cities — and prioritize motorcycles over cars. Last year, TechCrunch’s Natasha Lomas and I wrote a comprehensive overview of key policy developments in four major metropolitans — Paris, Barcelona, London and Milan. VanMoof is now benefiting from these plan shifts.
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