The Amsterdam maker of city bikes and e-bikes VanMoof has raised a million euros in a few hours through a crowdfunding campaign. The company expects that the legally permitted maximum 2.5 million euros for crowdfunding campaigns will be received within 24 hours.

At a previous crowdfunding round in 2017, it took fourteen days to reach the maximum of 2.5 million euros. That was already a record in the Netherlands. Thanks to that campaign, VanMoof was able to accelerate its international efforts and open four new stores in Europe, the US and Asia. The company has been in existence for ten years now.

VanMoof wants to scale up considerably to take advantage of the increasing interest in e-bikes in Europe. With the new round, the company is aiming for a total of 7.5 million euros in investments this year. The remaining 5 million euros must come from venture investors. Currently, 70 percent of the income comes from abroad. The turnover is expected to rise to 40 million euros this year, from 11 million in 2018.

VanMoof makes sturdy city bikes, with or without all sorts of useful gadgets such as pedal assistance and GPS. VanMoof wants to invest heavily in subscriptions for electric bicycles. The company says it is currently unable to keep up with the demand for its new models.

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