VanMoof has confirmed an £11 million investment from venture capital firm Balderton Capital and assembly partner SINBON Electronics.
The funds will support the brand’s international expansion as it scales up to meet increased demand. The investment follows the launch of the new electric VanMoof S3 and X3 bikes.
“It’s a unique time to build such a meaningful partnership,” said Taco Carlier, VanMoof co-founder. “Not only do we appreciate this vote of confidence from an investor with deep sector experience, but it’s also a great sign that investments are becoming greener, shifting away from fossil fuels and towards e-mobility.”
The success of the VanMoof S3 and X3 have seen sales develop at over twice the speed of any previous launch in its history, the company has said. VanMoof has entered the scaleup hypergrowth phase in the last two years, quadrupling €10 million 2018 revenue to nearly €40 million in 2019.
With sales consistently 20% above target throughout 2020 so far, VanMoof has said it is “well on its way” to pass the projected annual revenue goal of €100 million.
Colin Hanna, principal at Balderton, added: “VanMoof produces a category-leading product in a rapidly growing market that is changing the world for the better. We believe that the quality, community, and experience of VanMoof will make them a household name from Tokyo to Berlin.
“Taco and Ties have created a very special company that builds on a rich Dutch bicycling tradition, and carries it into the future. Tim Bunting, myself, and the entire team at Balderton are thankful to join the ride.”