FRANKFURT (Reuters) - Dutch electric bike maker Vanmoof has secured 12.5 million euros ($13.6 million) from venture capital firm Balderton Capital and SINBON Electronics to expand after its new S3 and X3 city bikes attracted more than 10,000 orders in just 22 days.
Demand for high quality e-bikes has increased as the coronavirus crisis has prompted people to find alternatives ways to get around instead of crowding into public transport and as municipalities look at expanding bike lanes.
Vanmoof expects its revenue to grow to 80 million euros this year from 10 million euros in 2018. Sales in Britain increased 184% between February and April, and sales in the United States rose 138% in the same period, Vanmoof said.
“VanMoof produces a category-leading product in a rapidly growing market that is changing the world for the better,” Colin Hanna, principal at Balderton, said in the announcement about the investment.
“We believe that the quality, community, and experience of VanMoof will make them a household name from Tokyo to Berlin,” he added.
Balderton has previously invested in Betfair and Yoox Net-a-Porter. Balderton’s currently has investments in more than 90 companies, including Aircall, Carwow, Citymapper, Contentful, Darktrace, Depop and Zego.
Balderton will help VanMoof fund global expansion.
Reporting by Edward Taylor; Editing by Edmund Blair