Dutch electric bicycle maker Van Moof said it has raised $128 million to expand production and speed its growth in an investment round led by private equity firm Hillhouse Capital.
Van Moof, which also raised $53.5 million in 2020 amid a pandemic-driven boom in demand for bicycles, makes sleek, futuristic e-bikes with the battery built into the frame that sell for around $2,000 each. It said the investment round was for a minority stake in the company.
The company will “use the funds to increase its production capabilities, continue the development of new technology, improve bike specs and reliability, and break down more barriers to cycling,” it said in a statement.
Van Moof has not disclosed sales figures. It said in September 2020 that it had sales of more than $100 million over the previous 24 months. It said in December 2020 that sales had tripled that year from 2019 as people discovered e-bikes during the coronavirus pandemic.
Other investors in the round included Gillian Tans, the former CEO of Booking.com, and existing investors Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.