VanMoof has raised an investment of $ 40 million (about € 33.7 million) to support its expansion plans.

The amount comes from two British venture capitalists and an American investment firm, the Dutch manufacturer reports Wednesday.

The funding is in addition to an amount raised in May of 12.5 million euros.

Last year, VanMoof already raised 2.5 million euros in the Netherlands through crowdfunding, while it received a growth loan of another 12.5 million euros through Rabobank.

The total investments of recent times amount to 73 million dollars (61.4 million euros).

With this, VanMoof wants to increase the production of electric bicycles and invest in product innovation.

In this way, the brand wants to respond to the increasing global demand for e-bikes.

Due to the corona crisis and increased interest in individual transport, the electric bicycle market will grow twice as fast as expected over the next six years and will be worth 46 billion by 2026, according to VanMoof.

The brand introduced the new S3 and X3 at the beginning of April, which immediately attracted a lot of attention;

Until April, VanMoof already sold more bicycles than in the past two years combined.

The bicycle manufacturer mainly wants to grow in the United States and Japan, but Europe is also not lost sight of.

The brand opened a new branch in Berlin and so-called pop-up stores were opened in other cities.

Germany has now overtaken the Netherlands as the fastest growing market, as the neighboring country accounted for a growth of 323 percent compared to 139 percent in the Netherlands.