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The global e-bike market is set to reach $38 billion by 2025;; according to a report by Markets and Markets;; and Covid-19 has accelerated this trend;; says VanMoof CEO Taco Carlier. \"This is the beginning of something big;;\" Taco Carlier told Business Insider in an interview. \"The e-bike market is growing at staggering speed and we had a lot of extra interest as a result. There are so many opportunities for our company so we decided to continue with fundraising.\" Visit Business Insider's homepage for more stories.", "slideCount": 8, "companyName": "VanMoof", "description": "Dutch e-bike startup VanMoof has raised a $40 million Series B funding round from Norwest Venture Partners;; Balderton Capital;; and Felix Capital. The global e-bike market is set to reach $38 billion by 2025;; according to a report by Markets and Markets;; and Covid-19 has accelerated this trend;; says VanMoof CEO Taco Carlier. \"This is the beginning of something big;;\" Taco Carlier told Business Insider in an interview. \"The e-bike market is growing at staggering speed and we had a lot of extra interest as a result. There are so many opportunities for our company so we decided to continue with fundraising.\" Visit Business Insider's homepage for more stories. Dutch e-bike startup VanMoof has raised a $40 million funding round just months after closing its Series A to capitalize on growing demand for alternate transport options during the coronavirus pandemic. As public transport becomes less appealing due to COVID-19;; cycling has become a serious proposition even across major cities like San Francisco;; New York;; Paris;; London;; and Tokyo. The global e-bike market is set to reach $38 billion by 2025;; according to a report by Markets and Markets;; and COVID-19 has accelerated this trend;; says VanMoof CEO Taco Carlier. \"This is the beginning of something big;;\" Carlier told Business Insider in an interview. \"The e-bike market is growing at staggering speed and we had a lot of extra interest as a result. There are so many opportunities for our company so we decided to continue with fundraising.\" Founded in 2009 by brothers Taco and Ties Carlier;; VanMoof has now raised a total of $73 million. Its latest round comes months after a $13.5 million investment in May. \"The May round was like a bomb;;\" Carlier said. \"It attracted a lot of other VCs and others interested in what was going on to us.\" Norwest Venture Partners led the round alongside existing investors Balderton Capital and Felix Capital. VanMoof sells $2000 high-tech e-bikes which have been increasingly popular this year with demand for its VanMoof S3 & X3 models leading to the company hitting 374% year-on-year growth. The funding will be used to scale the company's production;; which Carlier says is struggling to meet current demand. 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