Dutch e-bike maker Van Moof raises $128 million to expand

FILE PHOTO: Ties Carlier, co-founder of Dutch electric bike maker Vanmoof, rides a bike in this undated picture obtained by Reuters on May 13, 2020. Vanmoof/via REUTERS

AMSTERDAM (Reuters) - Dutch electric bicycle maker Van Moof on Wednesday said it has raised $128 million to expand production and speed its growth in an investment round led by private equity firm Hillhouse Capital.

Van Moof, which also raised $53.5 million in 2020 amid a pandemic-driven boom in demand for bicycles, makes sleek, futuristic e-bikes with the battery built into the frame that sell for around $2,000 each. It said the investment round was for a minority stake in the company.