Investors pump a further €40m into bike maker VanMoof to gear up expansion

Photo: Brbbl via Wikimedia Commons
Photo: Brbbl via Wikimedia Commons

Dutch e-bike maker VanMoof has landed a €40m investment to help ‘support its further worldwide expansion’, the company said on Wednesday.

The money comes from three investment houses – Norwest Venture Partners, Felix Capital en Balderton Capital – and is the company’s second capital investment this year. In May Balderton Capital and assembly partner Sinbon Electronics put a combined €12.5m into the firm.

VanMoof was launched in 2009 by brothers Taco and Ties Carlier and its expansion has been fuelled by soaring demand for e-bikes since the coronavirus crisis. The company said in May it expecting to up its revenue for 2020 by €60m to €100m.

Other Dutch bike-focused companies are expecting to profit as well from the newfound interest in safer transport options.

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