The story of VanMoof is one filled with twists and turns. The global bicycle manufacturer went from e-bike darling to bankruptcy and back. Founded in Amsterdam in May 2009 by brothers Taco and Ties Carlier, the company wanted to revolutionise urban cycling with its minimalist e-bikes.
They focused on super sleek designs and next-level technology, which got them a lot of attention. But, their ride hasn't been without its bumps in the road.
We take a closer look at the story behind the e-bike brand, VanMoof.
A Timeline on the History of VanMoof
- 2009: VanMoof is founded by Taco and Ties Carlier in Amsterdam, Netherlands, with a vision to revolutionise urban commuting with electric bikes.
- 2010: VanMoof secures £2 million in its initial funding round, attracting investors eager to tap into the burgeoning electric bike market.
- 2011: The company introduces its first electric bike series, the VanMoof Electrified S and X, earning acclaim for their sleek design and innovative features.
- 2012: VanMoof expands its global presence by opening its inaugural store outside of the Netherlands in Tokyo, Japan.
- 2015: Another funding triumph as VanMoof raises an additional £4 million in a round led by European venture capital firm Slingshot, facilitating further growth and innovation.
- 2017: The launch of the VanMoof Electrified S2 and X2 models garners widespread attention and praise within the cycling community.
- 2018: Financial challenges arise as VanMoof reveals significant losses attributed to high expenditures on research, production, and marketing exceeding revenue.
- 2019: Despite financial hurdles, VanMoof secures a substantial £34 million in Series B funding from Norwest Venture Partners and Balderton Capital.
- 2020: Amid the global COVID-19 pandemic, VanMoof experiences a surge in demand for its electric bikes as people seek alternative transportation options.
- 2021: VanMoof expands its distribution network by partnering with major retailers like Best Buy in the US and Halfords in the UK to reach a broader audience.
- 2022: Another funding milestone as VanMoof raises an impressive £62 million in Series C funding led by London-based investor firm Hillhouse Investment.
- 2023: Intense competition in the e-bike market prompts VanMoof to implement cost-cutting measures and operational restructuring to enhance financial performance.
- 17 July 2023: Following financial challenges, VanMoof is officially declared bankrupt by the court of Amsterdam, signaling a need for restructuring to salvage the company. However, VanMoof entities outside of the Netherlands remain unaffected by insolvency proceedings.
- August 2023: Lavoie, the electric scooter unit of Formula One engineering and technology firm McLaren Applied, announces its acquisition of VanMoof.
- November 2023: Lavoie unveils plans to revive the VanMoof brand, signaling a potential comeback for the renowned electric bike company.
What Happened to VanMoof?
VanMoof, once a trailblazer in the electric bike industry, faced significant challenges that ultimately led to its bankruptcy.
Despite initial success and substantial funding, the company encountered financial difficulties, including high research, production, and marketing expenses that exceeded revenue.
These financial strains, combined with intense competition in the e-bike market, culminated in VanMoof being declared bankrupt by the court of Amsterdam in July 2023.
However, following its bankruptcy, VanMoof found a lifeline through acquisition by Lavoie, the electric scooter division of McLaren Applied.
This acquisition offered hope for reviving the VanMoof brand, with Lavoie expressing intentions to bring the company back to life.
VanMoof New Owners
In July 2023, a Luxembourg-based company called Lavoie stepped in and acquired VanMoof. This acquisition prevented the company's complete collapse and paved the way for its revival.
Lavoie is a company founded by McLaren Applied, a renowned name in British motorsport, with a vision to revolutionize urban mobility through innovative solutions. Their flagship product, Series 1, is a premium electric scooter designed to redefine the form factor of micromobility. With unique folding technology called Flowfold™, the scooter offers not only convenience but also safety, portability, and comfort, aiming to enhance users' lifestyles.
Albert Nassar, one of Lavoie's Co-CEOs, is a mechanical engineer deeply passionate about sustainable mobility and electrification. He leads the transformation of groundbreaking technologies into accessible and innovative products within the micromobility sector.
Nick Fry, serving as the Non-Executive Chairman of McLaren Applied, brings his extensive experience in motorsport and automotive industries to spearhead Lavoie's growth. With a legacy of leading prestigious teams and brands, he champions progress in micromobility alongside Lavoie.
Eliott Wertheimer, Lavoie's other Co-CEO, is an innovative entrepreneur dedicated to reshaping urban mobility. Together with Albert, he previously worked on developing lightweight electric bikes and scooters before launching Lavoie in partnership with McLaren Applied. Eliott continues to challenge conventions in personal electric transportation, driving Lavoie's mission forward.
Is VanMoof Still in Business?
Yes, VanMoof is back in business. Despite facing challenges such as bankruptcy and ownership changes, the company persevered and continues operating.
With new ownership and strategic restructuring efforts, VanMoof wants to overcome past setbacks and regain its position in the electric bike market.
Customers can still explore and purchase VanMoof's products, indicating that the company is actively engaged in business operations.
VanMoof Latest News
As of April 19, 2024, VanMoof is back on track. Their website confirms the availability of their latest e-bikes, the refined S5 & A5 models. This marks a positive step forward for the company and a potential comeback story in the e-bike market.
VanMoof posted the following message on its social media on 13 March 2024: "50 locations in over seven countries are now ready to service our riders’ bikes across Europe, from Dublin and Paris to Berlin and Copenhagen.
"We’ve equipped our partner network of specialised e-bike mechanics with the tools and knowledge they need to service VanMoof bikes. And now we’ve kick-started our supply chain, we can keep them supplied with a steady stream of spare parts, too.
"Stay tuned as we expand to new locations and different countries. Use our partner locator to find a location near you."
