The archive · Hardware & Devices · Strategic decision · 2009–2023
VanMoof's Tesla-of-bikes bet: €200M burned, €80M yearly losses, bankrupt 2023
The 'most funded e-bike company in the world' bet custom, app-connected hardware could beat the bike industry; it burned €200M and was sold out of bankruptcy.
VanMoof
What the business is
VanMoof designed and sold premium, app-connected e-bikes direct to consumers, with proprietary components and a factory-contracted supply chain built for scale.
Starting capital：About €200M in investment capital through 2023, with losses near €80M in both 2021 and 2022 (The Verge)
How it started
VanMoof was founded in Amsterdam in 2009 by brothers Taco and Ties Carlier and launched its first e-bike in 2016. It became one of the world's most visible e-bike brands, calling itself the 'most funded e-bike company in the world' and selling roughly 200,000 bikes at premium prices.
What happened
VanMoof raised more than $200 million from venture investors, but the unit economics never worked: it posted losses of nearly €80 million in both 2021 and 2022, and customers complained loudly about quality and after-sales service. Sales paused in early July 2023, a suspension-of-payment proceeding followed, and on 2023-07-17 the Amsterdam court declared the Dutch entities bankrupt, appointing trustees to pursue an asset sale.
How it ended up
Trustees sold the business out of bankruptcy to Lavoie, the McLaren Applied e-mobility subsidiary, announced 2023-08-31; the Carlier brothers left leadership, the company abandoned its own retail stores for third-party retailers, and VanMoof continued under new ownership.
Background
VanMoof was founded in Amsterdam in 2009 by brothers Taco and Ties Carlier on the bet that an Apple-style, vertically integrated e-bike brand could overturn the traditional bicycle industry. It launched its first e-bike in 2016 and sold premium, app-connected bikes — custom electronics, integrated lights, proprietary parts, direct-to-consumer — through a contracted Taiwan factory, earning the nickname 'Tesla of bikes.'
The brand built a cult following and roughly 200,000 customers, and investors poured in more than $200 million. But the economics never closed: The Verge reported losses of nearly €80 million in both 2021 and 2022, and owners complained about breakdowns, scarce spare parts and slow repairs. When cheap capital dried up in 2023, the company had no path forward.
Sales paused in early July 2023, the Amsterdam court withdrew VanMoof's suspension-of-payment protection, and on 2023-07-17 declared the Dutch entities bankrupt with trustees appointed to seek a buyer. Riders scrambled to unlock their app-dependent bikes, and rival Cowboy built an app to rescue stranded owners — a stark sign of how little the hardware alone was worth without the company's servers.
On 2023-08-31 trustees sold the business to Lavoie, the e-mobility subsidiary of McLaren Applied, for an undisclosed price that required 'tens of millions' in fresh investment; the Carlier brothers left leadership and VanMoof abandoned its own stores for third-party retail. Under Lavoie, VanMoof relaunched in 2025 with the S6 e-bike and a rebuilt repair network.
What has to be true
- It is a complete, dated failure arc: bankruptcy declared 2023-07-17 by the Amsterdam court, asset sale to Lavoie announced 2023-08-31, and a 2025 relaunch under new owners.
- The bet is legible: vertical integration and premium DTC hardware as the way to beat an entrenched industry — the 'Tesla of bikes' thesis.
- The numbers make the failure measurable: €200M+ invested, ~€80M losses in 2021 and 2022, 190,000–200,000 customers, and a bankruptcy sale worth 'tens of millions.'
- Traction evidence is concrete: 214 points / 221 comments on the 2023-07-14 HN thread and 99 points / 158 comments on the Lavoie acquisition.
What can be applied
Vertical control and a cult product do not fix unit economics: €80M annual losses meant 200,000 premium customers couldn't cover service costs — the brand sold for 'tens of millions' in bankruptcy.
Aftermath
Lavoie completed the asset purchase from VanMoof's bankruptcy trustees and spent two years rebuilding the business: new leadership under co-CEO Elliot Wertheimer, third-party retail instead of company stores, a network of 250 repair centers and 130 sales partners, and a redesigned S6 e-bike launched in mid-2025 with parts co-designed with major manufacturers. The original venture-backed company is gone — the Carlier brothers never returned to leadership — and the brand now operates under McLaren Applied-backed Lavoie.
Sources
- VanMoof e-bikes is bankrupt
- VanMoof, the e-bike startup, officially declared bankrupt in The Netherlands
- VanMoof e-bikes finds a buyer
- VanMoof is back with a new custom e-bike and rebooted repair network
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