Dutch company VanMoof raises $128 million in investment that will make e-bikes more affordable

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Inside the Dutch e-bike manufacturer VanMoof's factory. (Photo: AFP)
Inside the Dutch e-bike manufacturer VanMoof's factory. (Photo: AFP)
  • VanMoof e-bikes has gotten a $128 million investment boost over and above its private financing.
  • That's a total of $182 million investment in total over two years.
  • The investment will make the company's e-bikes, which are currently the most expensive, more affordable and accessible in future.

Dutch e-bike manufacturer VanMoof said on Wednesday it had raised over a hundred million dollars that will allow it to expand production as well as reduce costs for consumers.

The $128 million takes to $182 million the amount of private financing the company has raised in less than two years as the market for e-bikes has boomed thanks to the coronavirus pandemic encouraging people to seek alternative means of transport.

Van Moof's e-bikes may be minimalist in style but they are loaded with high-end equipment and technology, including automatic electronic gear shifting and integrated anti-theft features.

At just under $2600, the company's current two models are far from the most expensive e-bikes but are also out of reach of many consumers.

AMSTERDAM, NETHERLANDS - 2020/07/14: VanMoof logo
VanMoof logo seen on the company building. (Photo: AFP)

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VanMoof said the financing will serve to expand production and at the same time reinvent how components and software are made to make its e-bikes more accessible to consumers.

"We are reinventing, redesigning and rethinking each bike component," VanMoof cofounder Taco Carlier was quoted as saying in a statement.

"That will aid us to get 10 million people on our bikes in the next five years and our investors share our vision of a future mobility that is both intelligent and cleaner."

The company said the global e-bike market is expected to hit $48 billion by 2028, double the value it was forecasted to attain before the Covid-19 pandemic.

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