Amsterdam-based e-bike startup VanMoof on Tuesday announced it had raised $13.5 million in a funding round from London-based venture fund Balderton Capital and its Taiwan-based assembly partner SINBON Electronics.
The startup said it would use the funding to expand internationally and ramp up production to meet the increased demand for its bikes.
VanMoof had previously raised $2.7 million in crowdfunding in June last year.
The startup said the need for social distancing in the wake of novel coronavirus (COVID-19) pandemic had positively impacted the popularity of its products, as authorities across the globe advise limiting the use of public transport.
"It's a unique time to build such a meaningful partnership," chief executive officer Taco Carlier said in a statement. "Not only do we appreciate this vote of confidence from an investor with deep sector experience, it's a great sign that investments are becoming greener, shifting away from fossil fuels and towards e-mobility."
VanMoof, founded in 2009 by brothers Taco and Ties Carlier, has nine physical stores spread in Amsterdam, Berlin, New York, Paris, San Francisco, Seattle, Taipei, and Tokyo.
Taco Carlier told CNBC that he expects the company's annual revenue to reach $80 million this year, compared to the $40 million it posted for the 2019 financial year.
Global sales have increased 48% year-on-year in the past two months, Carlier said.
VanMoof recently launched two new e-bike models, the S3 and the X3, at the 60% of the predecessors price, but Carlier told CNBC that it won't be able to start delivering the vehicles until the end of July due to the unprecedented demand.