Social distancing is the need of the hour and commute post coronavirus can’t be what we were used to. Biking, as an option to commute over short distances, is picking up again with a modern twist. A new report suggests that the global E-bike market size is set to reach a staggering $46.04B (€38.9B) by 2026, which suggests that E-bikes could soon be the preferred option for commuters. The same seems to be believed by investors as Amsterdam-based e-bike manufacturer VanMoof has secured €33.7M in Series B funding.
VanMoof raises €33.7M just months after €12.5M investment
In the middle of lockdown in Europe, in May, VanMoof raised €12.5M investment. Now, the company has secured another €33.7M from Norwest Venture Partners, Felix Capital and Balderton Capital. Like before, the company says it will utilise the funds to fuel further global expansion and bolster its manufacturing process. The latest funding round brings the total amount raised by VanMoof to a notable €61.8M.