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.
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