‘Most Funded e-Bike Company In the World’ Pauses eBike Sales, Sparking Rumors of Bankruptcy

In late 2021, VanMoof claimed to be “the most funded e-bike company in the world” after raising a total of $182 million in the two years prior — a figure that would later surpass $200 million. Now, according to multiple sources spoken to by TechCrunch, the Dutch e-bike company’s strategy and momentum “appear to have steered dangerously off course.” From the report: Our sources tell us that VanMoof is working on securing a bridge round that will help it stay afloat. Sources also claim that senior staff, including the CEO and a co-founder, as well as the president (who is also an investor) have left executive roles in the business. The company has refused to provide any on-the-record comment on its status until later this week. But the facts are plain: The company has, as of June 29 and by its own admission, stopped taking orders. VanMoof also filed paperwork, revealed in January, of its need to raise money to stave off bankruptcy.

Customers, annoyed with the pauses and other delays in servicing existing bikes on the road, have turned to social media like Reddit and Twitter to air their complaints and debate whether the company is going bust or not. The first recent, visible cracks in the company appeared in late June when potential customers discovered its online ordering system was no longer working. […] The story changed again a few days later. In response to TechCrunch’s questions about the ordering system, a spokesperson said that the pause was actually intentional (a feature not a bug!). Despite the summer period being the peak season for the cycling market, a VanMoof spokesperson claimed it would be pausing orders to catch up on production and delivery. The company didn’t answer any of TechCrunch’s multiple questions about why VanMoof was behind on orders (supply chain issues? lacking funds?), what the company’s current capacity was, how many orders were outstanding, or when VanMoof hoped to begin sales again. As of the time of publication, the sales pause was going on 12 days.

Despite the pause and the other details, VanMoof had been sending out communications that imply it’s business-as-usual at the e-bike company. On June 27 it announced that KwikFit NL, the car maintenance chain, would be a new service partner. The day before that it issued a firmware update and a video was posted of a panel that co-founder Taco Carlier participated in. But there have been a number of warning signs in plain sight for months that tell a different story. […]