Innovative Dutch e-Bike brand VanMoof has announced a significant tranche of investment, coinciding with significant growth in demand.
European venture capital firm Balderton Capital and assembly partner SINBON Electronics are investing €12.5 million (£11m) to support the brand’s global expansion as it scales up to meet the aforementioned increased demand.
VanMoof’s handed over 2019 vs 2020 sales figures:
- UK: 184% sales increase (Feb-April)
- US 138% sales increase (Feb-April)
The new electric VanMoof S3 x X3 hit nearly 4,500 sales in the first 24 hours after launching 21 April 2020. It has since passed 10,000 sales worldwide.
The brand puts some of the growth down to the Covid-19 pandemic, a view shared by a number of other bike brands which have seen similar recent out-of-the-ordinary growth.
VanMoof is a direct to consumer brand and the firm said that its partnership with SINBON Electronics has allowed it to take “complete ownership of the supply chain”.
It has been rapidly growing of late, quadrupling €10m 2018 revenue to nearly €40m in 2019. With sales consistently 20% above target throughout 2020 so far, VanMoof is on its way to pass the projected annual revenue goal of €100m, it said.