Dutch eBike brand VanMoof has said the UK is a key market for expansion following news of its $40m (£31m) Series B investment from Norwest Venture Partners, Felix Capital and Balderton Capital.
The financing comes months after a $13.5m investment in May and bolsters VanMoof for further global expansion, giving the company a stronger e-bike market share in North America, Europe and Japan.
A VanMoof spokesperson told BusinessCloud: “The UK is a key market for expansion. We have recently opened a number of pop-up stores across the UK, including Edinburgh, Bristol and two London pop-up locations – Battersea and Shoreditch.”
The firm also has a brand store in Covent Garden which opened in 2018 and now employs around 30 staff at its London locations.
The firm reports a 184% sales increase in the UK between February and April this year compared to the same period in 2019.
VanMoof claims to be the fastest-growing e-bike brand worldwide, having now raised a total of $73m.
The latest funding will be used to meet the increased demand and shorten delivery times.
A significant portion of the funding will go towards building a suite of rider service solutions. This ecosystem includes a global mobile service network, more intuitive app support, smarter software with remote diagnostic solutions, and more proactive customer support.
VanMoof was founded in 2009 by brothers Taco and Ties Carlier, and now boasts over 120,000 riders.
“Our next frontier is to transform our business by building a full support ecosystem around every rider,” said co-founder Ties Carlier.