AMSTERDAM (BRAIN) — E-bike brand VanMoof asked for and will receive a capital investment from its shareholders after it predicted its survival would be in jeopardy in the first quarter of 2023, the Dutch newspaper Financieele Dagblad reported.
A VanMoof spokesperson did not tell the paper how much the investors will pay. The company's annual report filed just after the new year stated it was speaking with investors and suppliers and asking for between 10 million and 40 million euros ($10.9 million-$43.6 million), the paper reported, adding it appears only incumbent investors have shown interest. These include London's Balderton and China's Hillhouse Investment, which since 2021 is owner of the Philips division that makes household appliances, according to Financieele Dagblad, which covers business and financial news.
VanMoof has not responded to BRAIN for comment.
The annual report also noted that VanMoof must watch its expenses, and the company has asked suppliers to delay paying invoices to have enough cash to last until the new capital is received.
In September 2021, VanMoof reported that it capped off a $182 million investment in less than two years. Hillhouse Investment led the 2021 investment of $128 million in Series C. VanMoof said then it was the most funded e-bike company in the world.
The year before in September VanMoof opened a new company-owned retail store in Seattle, its third location in the U.S., joining San Francisco and Brooklyn, New York. VanMoof also has stores in five European cities. It also reported then its global sales were up 379% in the second quarter 2020, and its U.S. sales were up 91% year-to-date through June compared to the same period in 2019. The company was founded in 2009.
That rapid growth was accompanied by losses. In each of the past two years, according to Financieele Dagblad, the company reported about 78 million euros in losses.
Last May, VanMoof appointed investor Gillian Tans as president, working with company co-founders Taco and Ties Carlier.
