Dutch bicycle company VanMoof has stopped selling new bikes and is, according to technology website TechCrunch, in search of new money.
VanMoof was launched in 2009 by brothers Taco and Ties Carlier and its global expansion had been fuelled by soaring demand for e-bikes since the coronavirus crisis.
However, its decision only to allow certified repair shops to work on its vehicles, and a shortage of spare parts, have led to a barrage of criticism about the company. Two weeks ago the company stopped selling new bikes.
According to the Financieele Dagblad, the company last week missed an interest payment on loans to private investors.
Oneplanetcrowd, the Amsterdam crowdfunding platform the company used to generate capital from private investors, is now starting legal action against VanMoof, the FD said. The paper based its claim on an email sent to investors by the platform.
VanMoof raised a total of €5 million from private investors via Oneplanetcrowd in 2017 and 2019 at 6% interest. One investor told the FD this is the first time the company has missed an interest payment, but that it had not provided the required six-monthly update since November 2021.
VanMoof has not made a profit since it was founded and posted a loss of €80 million, in line with 2021.
Last May the De Carliers brothers handed over operational leadership to Gillian Tans, who used to run Booking.com. However, she left a year later and Taco Carlier has also stopped as CEO, Techcrunch reported.
Dutch News has asked VanMoof for comment.