Sinbon Electronics-backed VanMoof has accumulated $182m of total funding following a series C round.

VanMoof, a Netherlands-based electric bike producer backed by electronics manufacturer Sinbon Electronics, has received $128m in a series C round led by private equity firm Hillhouse Investment.

The round also featured investment firm Norwest Venture Partners, venture finance firm TriplePoint Capital, VC firms Felix Capital and Balderton Capital as well as individual investor Gillian Tans.

Founded in 2009, VanMoof markets a range of electric bikes made with customised parts and equipped with GPS and smart connectivity.

VanMoof will use the funding to expand its production capabilities, develop new technology and improve the specifications and reliability of its bikes.

Taco Carlier, co-founder of VanMoof, said: “We are reinventing, redesigning, and re-engineering every component of the bicycle. It has never been done before and will change how a bike is made, sold and serviced forever.

“It will help us get 10 million people on our bikes in the next five years and our investors share in our vision of a smarter and cleaner mobility future.”

The company has raised $182m of funding to date. It picked up $40m in its series B round in September 2020, which included Balderton Capital, Felix Capital and Norwest Venture Partners.

Sinbon Electronics, an assembly partner of the VanMoof, and Balderton Capital had provided $13.5m for the business in May of that year.

VanMoof obtained a $2.8m convertible note in July 2019 through crowdlending service One Planet Crowd, following a $4.7m round backed by VC firm Slingshot in 2017.