Amsterdam-based startuphas raised a $128 million Series C funding round. The and sells electric bikes that are pretty popular in some markets. It wants to become the world’s leading e-bike brand by iterating faster.
Asia-based private equity firm Hillhouse Investment is leading the round, with, the former CEO of Booking.com, also participating. Some existing investors, such as Norwest , Felix Capital, Balderton Capital, and TriplePoint Capital, put more money on the table.
Today’s Series C represents a significant jump compared to the company’s Series B. Last year, VanMoofa $40 million Series B. Overall, if you add it all up, the .
If you’re unfamiliar with VanMoof’s e-bikes, TechCrunch reviewed the most recentand models. On paper, they are identical. The VanMoof X3 features a more petite frame and smaller wheels.
VanMoof e-bikes are premium e-bikes that are primarily designed for city rides. The most recent models currently cost $2,298 or €2,198. What makes VanMoof different from your average e-bike manufacturer is that the company tries to control everything from theto the customer experience.
They feature anpaired with an electronic gear-shifting system. It has four sacks; you don’t have to change gears yourself. All you have to do is jump on the bike and start pedaling.
Recognizable by their iconic triangular-shaped futuristic-looking frames, the S3 and X3 also have hydraulic brakes, integrated lights, and innovative features. There’s an integrated motion detector, an alarm, a GPS chip, and cellular connectivity.
If you declare your bike stolen, the GPS and cellular chips go live, and you can. The company’s bikes are also .
Instead of relying exclusively on off-the-shelf parts, thecomponents. This way, it can cut out as many middle as possible to reduce costs. It’s also an excellent competitive advantage.
. The company has and service hubs in 50 different cities worldwide. While the company started in Europe, the U.S. is now the fastest-growing market for VanMoof.
With today’s, the startup plans to double down on its current strategy. You can bikes with refined designs and more custom parts. You can expect more stores and service hubs around the world. And you can probably expect more as well.
“It will help us get 10 million people on our bikes in the next five years,”Taco Carlier said in a statement. So far, 150,000 people are using VanMoof bikes.
Today’s investment shouldn’t come as a surprise. Thehas accelerated plans to transform European cities — and prioritize bikes over cars. VanMoof is now benefiting from these policy shifts. Last year, TechCrunch’s Natasha Lomas and I wrote a of key policy developments in four major cities — Paris, Barcelona, London, and Milan.