After lockdowns lead to an e-bike boom, VanMoof raises $40M Series B to expand globally – ClearTips
E-bike startup VanMoof, Has raised $ 40 million in investment from Norwest Venture Partners, Felix Capital And Balderton Capital. Series B financing comes after a $ 13.5 million investment in May. The funding raised OneMoff’s total assets to $ 73 million and fulfilled the e-bike brand’s mission to achieve its next mission on the bike.
Series B funding will be used to meet increased demand, reduce delivery times, and build a suite of rider service solutions. It aims to boost its share of the e-bike market in North America, Europe and Japan.
The COVID-19 epidemic has caused the e-bike craze to be partially removed by the switch of passengers moving away from public transport.
According to reports, governments are now investing in cycling infrastructure and the e-bike market has grown to more than $ 46 billion over the next six years.
Tyce Carlile, co-founder Onemoff, commented: “E-bike adoption was an inevitable global change that had been happening for years already, but COVID-19 put an absolute turbo on that we are an important Changing cities for the better coming near mass
Vanomof says it realized 220% global revenue growth during the worldwide lockout and sold more bikes in the first four months of 2020 than in the previous two years.
Norwest Principal Stu Campbell said: “The Taco, Tees and OneMoff team have not only created a unique brand and best-selling product, but they are reimagining the city’s dynamics all over the world.”
Colin Hanna, Principal in Baldton: “The COVID-19 crisis affected supply chains around the world, Oneofoff’s unique control over design and production was a significant advantage that allowed the company to respond in a loyalty and effective manner. In addition, OneMoff’s direct approach to the consumer approach allows the company to build a closer relationship with its ridership, which will be strengthened by new products and services in the coming years. “
OneMoff launched the new OneMoff S3 and X3 in April this year. I reviewed the S3 here and checked the first X2 version.