VanMoof has announced a $128 million Series C minority investment in a funding round led by Hillhouse Investment, an Asia-based private equity firm.
The company said it will use the funds to increase its production capabilities, continue the development of new technology, improve bike specs and reliability, and break down more barriers to cycling.
Alongside Hillhouse Investment, the Series C funding includes commitments from Gillian Tans, former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital, and TriplePoint Capital.
“We’re reinventing, redesigning, and reengineering every component of the bicycle,” said Taco Carlier, co-founder of VanMoof. “It’s never been done before and will change how a bike is made, sold, and serviced forever. It will help us get ten million people on our bikes in the next five years and our investors share in our vision of a smarter and cleaner mobility future.”
Haoyu Shen, partner at Hillhouse Investment, added: “With VanMoof’s unique approach to manufacturing and innovative, consumer-first technology, we are excited about its e-bikes’ potential in engaging millions of riders around the world to adopt active transportation into their commute and to build a healthy lifestyle. We are committed to contributing to advancing climate solutions.”
Colin Hanna, partner at Balderton, said: “Taco, Ties, and the team at VanMoof have leveraged unparalleled product focus to inspire a movement. That focus has enabled them to build a unique back to front platform, spanning Taipei to Amsterdam, that makes the world’s highest quality and most accessible e-bike.
“As global warming accelerates and COVID-19 persists, the transformation of urban mobility has never been more urgent, both for the cities we call home and the planet more broadly. At Balderton, we’re humbled to be on the ride alongside Norwest and Felix and are thrilled to now be joined by Hillhouse Investment.”