- 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.
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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.