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September 1, 2021 10:42 pm

VanMoof Raises $128 Million To Become 'Most Funded e-Bike Company In the World'

VanMoof says it's now "the most funded e-bike company in the world," after raising a total of $182 million in the last two years. The Verge reports: The company claims to have almost 200,000 bikes on the road currently, with the goal of getting 10 million people on VanMoof e-bikes in the next five years. Such aggressive expansion goals require significant capital. VanMoof's new funding round has been earmarked to expand production and to "reinvent the way in which hardware and software components are made," according to a blog post announcing the new investment round. More specifically, VanMoof co-founder Taco Carlier tells The Verge in a phone interview that most of the funds will go towards R&D, "having more people on the hardware and software development in order to improve the quality and reliability of the bike." For comparison, RadPower, the largest e-bike maker in the US, raised $150 million earlier this year, adding to the $25 million it garnered the year prior. Investors are pouring money into electric bike makers in the hope of capitalizing on the global e-bike market which is expected to be worth almost $50 billion by 2028. In March 2021, e-bikes already represented 17 percent of all bicycle sales in Europe, and accounted for more than 50 percent of all new bike sales in countries like Germany and the Netherlands.

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