Dutch electric bike startup WATT Mobility raises 1.5 million euros; plans to double its growth in Europe
Demand for e-bikes continues to soar as cities reassess their transportation choices. With a growth rate twice as high as expected before the Covid-19 pandemic, the latest projections predict that the e-bike market will exceed $ 46 billion over the next six years.
Taking the opportunity, Breda, based in the Netherlands WATT Mobility, a brand of urban electric bikes, announced that it had raised 1.5 million euros as part of a growth financing round of Bloomit Ventures. The investor will support WATT with funding and practical support to grow their business smarter and faster in Europe.
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Range up to 70 kilometers
WATT Mobility was founded in 2017 by Frans Nomden and Marc Jacobs with the aim of developing minimalist fixie-style electric bikes for a large urban audience. The company offers various single speed models that are easy to use, hassle-free and low-maintenance.
According to the company, its e-bikes are light thanks to their aluminum frames, lightweight accessories, small built-in battery and thin tires. The electric bicycle models offer a range of between 40 and 70 kilometers. One of the advantages of lightweight e-bikes is that they are easy to handle in traffic and easy to lift.
In a statement, WATT said: “Non-electric ‘lifestyle’ city bikes are now a rapidly growing segment in Europe. Due to their sleek design, the rear wheel motor and the battery integrated into the frame, WATT bikes are hardly recognizable as e-bikes. The leading brands in this particular segment currently only sell online (D2C). For resellers in Europe, this offers a great opportunity to grow rapidly with WATT.
Currently, WATT Mobility is active in 10 countries with 170 resellers. The company aims to expand this number to more than 300 dealers by 2023. In the coming years, the company also wants to optimize the supply chain, improve the quality of its products and the range of the bicycle.
WATT collaboration with Bloomit Ventures
Bloomit is an active investor and accelerator of light electric vehicles (LEV), led by the founders of Babboe Cargo Bikes.
The investor said it will work with WATT Mobility over the coming period to jointly optimize business and marketing strategy, product development, operations, finance and financing. The firm says: “Together, we are able to accelerate the transition to sustainable urban mobility, necessary to create cleaner and more accessible cities in the near future.
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