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A year after scoring 34 million euros in its B round of funding, Dutch e-bike developer Vanmoof is hitting a whole new gear. The Amsterdam-based company just announced it has closed its C series with a haul of roughly 108 million euros – the largest ever for a European bike brand. With this new investment, Vanmoof now brings its total capital raised to more than 150 million euros. It will use the most recent infusion of funds to expand production and enhance its hardware and software components to ensure its e-bikes are more accessible for consumers.
Support in the C round came from Gillian Tans, the former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital and Triplepoint Capital. The biggest investment came from the Asia-based private equity firm Hillhouse Investment, which recently became the new home of the Philips Domestic Appliance division.
“We’re reinventing, redesigning, and re-engineering every component of the bicycle. It’s never been done before and will change how a bike is made, sold and serviced, forever,” says Taco Carlier, co-founder of Vanmoof. “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.”
