We at Balderton are excited to be backing VanMoof on their mission towards getting the next billion on bikes. Even before these challenging times, electric bikes were on a rapid growth trajectory. As people and companies around the world begin to think about safe commuting options going forward, we believe that the quality and experience of riding VanMoof's bikes, their strong community-driven brand and their innovative go to market will help VanMoof become a household name from Tokyo to Berlin.
Taco and Ties, the Founders of VanMoof, have a higher calling: to build the world’s best commuting vehicle, on two wheels or four. With their newest electric bikes the S3 and X3, they are pretty close. To get here they have reinvented an entire industry. Most bike manufacturers rely on commoditized parts, component assembly, distributors and retailers. A VanMoof rides differently because it was built as one integrated product with complete control over their supply chain. This allows them to consistently infuse their bikes with industry first technology that creates a joyful riding experience. Their control over their customer facing front end also allows them to help tackle barriers to everyday riding, with unique services like Peace of Mind that keep your VanMoof in great shape and out of the hands of bike thieves.
Our journey with VanMoof began more than a year ago when we met Taco at the company’s Amsterdam HQ. Over lunch we fell in love with the passion, focus and ambition of the team. We stayed in close contact in the intervening months and in the past few weeks, that focus and ambition crystallised into a successful launch of their newest model. When he let us know that they wanted to accelerate their growth this year, we jumped at the opportunity to work together.
The company boldly launched the S3 and X3 at a time when around the world supply chains are falling apart and people are uncertain about their futures. Despite this uncertainty, the company has seen unprecedented demand. Bicycles are dependable and are becoming an ever more important part of our commutes. Cities like New York, London, Milan and Berlin are building better bicycling infrastructure at unprecedented rates in order to become safer, greener, and cleaner.
Our conviction was deepened by tremendous market growth in electric bicycles, particularly in Europe and the United States. For example in Germany, an important market for VanMoof, the overall electric bike market grew 39% yoy in terms of units in 2019, from 1M to 1.4M, outpacing analyst estimates. While VanMoof market share in Germany is growing quickly, it still represents only low single digits. There’s no ceiling in sight.
VanMoof is much more than a company. It has created a diverse tribe around its brand filled with a world of people who ride bikes but resist the “cyclist” stereotype. There are models who name drop the brand in Vogue articles even while its subreddit boasts more than one thousand members.
Customers love VanMoof because Taco, Ties, and the entire team’s commitment to quality produces a category-leading product that is changing the world for the better. Tim Bunting, myself and the entire team at Balderton are thankful to be on the ride.
These words were written by White Eagle from the Hopi on March 16, 2020. While the words were specifically written in response to the novel coronavirus, his message on how to stay hopeful and resist through joy and care is even more vital today:
This moment humanity is going through can now be seen as a portal and as a hole. The decision to fall into the hole or go through the portal is up to you. If they repent of the problem and consume the news 24 hours a day, with little energy, nervous all the time, with pessimism, they will fall into the hole. But if you take this opportunity to look at yourself, rethink life and death, take care of yourself and others, you will cross the portal. Take care of your home, take care of your body. Connect with the middle body of your spiritual House. Connect to the egregor of your spiritual home. Body, house, medium body, spiritual house, all this is synonymous, that is to say the same. When you are taking care of one, you are taking care of everything else. Do not lose the spiritual dimension of this crisis, have the aspect of the eagle, which from above, sees the whole, sees more widely. There is a social demand in this crisis, but there is also a spiritual demand. The two go hand in hand. Without the social dimension, we fall into fanaticism. But without the spiritual dimension, we fall into pessimism and lack of meaning. You were prepared to go through this crisis. Take your toolbox and use all the tools at your disposal. Learn about resistance with indigenous and African peoples: we have always been and continue to be exterminated. But we still haven't stopped singing, dancing, lighting a fire and having fun. Don't feel guilty about being happy during this difficult time. You don't help at all by being sad and without energy. It helps if good things emanate from the Universe now. It is through joy that one resists. Also, when the storm passes, you will be very important in the reconstruction of this new world. You need to be well and strong. And, for that, there is no other way than to maintain a beautiful, happy and bright vibration. This has nothing to do with alienation. This is a resistance strategy. In shamanism, there is a rite of passage called the quest for vision. You spend a few days alone in the forest, without water, without food, without protection. When you go through this portal, you get a new vision of the world, because you have faced your fears, your difficulties ... This is what is asked of you. Let them take advantage of this time to perform their vision seeking rituals. What world do you want to build for yourself? For now, this is what you can do: serenity in the storm. Calm down and pray. Everyday. Establish a routine to meet the sacred every day. Good things emanate, what you emanate now is the most important thing. And sing, dance, resist through art, joy, faith and love.