The e-bike producer raised $13.5m from investors including its production ally Sinbon Electronics to bring its overall funding haul to $21m.
Netherlands-based e-bike manufacturer VanMoof has received €12.5m ($13.5m) in a round featuring electronics manufacturer Sinbon Electronics, its strategic bike assembly partner, and venture capital firm Balderton Capital, TechCrunch reported on Tuesday.
Founded in 2008, VanMoof supplies e-bikes which can be propelled by electricity or manual pedalling and which the company believes to be a fitting mode of urban transport as cities emerge from coronavirus-associated lockdown.
The company’s two latest models – the S3 and X3 – are more sophisticated than its earlier e-bikes but cheaper thanks to Sinbon’s manufacturing capacity and the introduction of direct-to-consumer sales and subscriptions.
The S3 and X3 come equipped with a four-speed electronic gear shift and integrated hydraulic brakes, providing double the power of their predecessors, VanMoof says.
The company previously secured a $2.8m convertible note in July 2019 through crowdlending service One Planet Crowd, having already pulled in $4.7m from venture capital firm Slingshot in 2017.
– Image courtesy of VanMoof