The fact that things are not going smoothly at the Dutch startup Vanmoof is not new. A desperate step shows how critical the situation is.
Desperately looking for a way out of the crisis: Vanmoof founder Taco Carlier Vanmoof
Vanmoof wants to be the “fastest growing and best financed e-bike brand in the world“, and it still describes itself that way on its website. But now the once hyped e-bike manufacturer is facing financial collapse. The loss-making Dutch provider has now turned to the Dutch courts for a moratorium – time to pay millions of dollars in outstanding bills.
Vanmoof is currently examining all possible ways out of the accumulated debt, including a sale. All options are on the table as the company looks for a way to survive, it said. The start-up is supported by two administrators appointed by the court. “Together with management, the administrators will be reviewing the situation to find a solution so that Vanmoof can continue its activities,” it said in a statement.
Sale of e-bikes “temporarily” suspended
In a first step, the sale was stopped – “temporarily”, as it is called. “Due to recent developments, we have decided to close our branches for the safety of our colleagues there,” the company said. “We will inform all customers as soon as possible about upcoming deliveries or repairs.”
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Vanmoof had grown strongly, especially during the corona pandemic. However, the company seems to have overreached itself with the growth. The company has been struggling with long delivery times and technical problems for some time now. Reports from dissatisfied customers have recently been piling up online. Vanmoof was apparently badly hit at the end of last year, but was able to save itself from the crisis with a round of financing. The company, which was founded in 2009, needs capital. According to the annual report, a loss of 78 million euros was incurred in 2021, and a loss of a similar magnitude should be incurred in 2022.
Probably also because of the generally difficult market situation, Vanmoof was not able to achieve the hoped-for success. According to the two-wheeler industry association, sales figures for e-bikes fell far short of expectations in the first five months of 2023. Meanwhile, Vanmoof could not score with successes in further development. Two new models presented by the startup in the spring hardly brought any technical innovations, but rather new colors.
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