VanMoof’s New Ownership Aims to Regain Trust of Legacy Customers

Following its bankruptcy declaration last year, VanMoof left approximately 5,000 customers without the e-bikes they had preordered. Under new leadership, VanMoof is making amends by extending a €1,000 discount on new purchases to these affected customers.

This bold move relies on the assumption that the customers’ affinity for VanMoof’s e-bikes will encourage them to invest additional thousands of euros.

Prior to its financial troubles, VanMoof required substantial upfront payments from preorder customers, which provided essential capital for the young company but also led to lengthy delivery delays. Customers had paid between €2,300 and €2,500 per bike, often not receiving a refund when the bikes were not delivered.

The current e-bike models, the S5 and the A5, are priced at €3,298. To benefit from the €1,000 discount, customers would need to pay an additional €2,298, totaling nearly €4,600 for a single e-bike.

Co-CEO Eliott Wertheimer, speaking to TechCrunch, admitted that this offer isn’t a complete solution but represents an effort to support VanMoof enthusiasts in moving forward.

Before its July 2023 bankruptcy, VanMoof had raised roughly $200 million in funding and created a devoted fanbase, attracted by its stylish and minimalist e-bikes. However, the company struggled with its bespoke components and lack of a comprehensive service network, among other operational challenges highlighted by Wertheimer. 

In August 2023, Lavoie, a part of McLaren Applied aiming to innovate within the e-scooter space, acquired VanMoof. Since the acquisition, efforts have been intensively made to revamp the supply chain, extend the service network across Europe and the U.S., and improve product design and reliability.

Wertheimer expressed that moving beyond just reviving the company, the focus is now on redefining and relaunching the VanMoof brand, with a special consideration for those who had lost out.

The intended compensation for the affected customers has been shaped by the constraints of the bankruptcy procedure, which does not allow Lavoie direct access to prior customer funds or bikes, as explained by Wertheimer to TechCrunch. The €1,000 discount is a gesture from Lavoie, pushing its financial limits to assist without jeopardizing its existence.

Wertheimer noted the ongoing bankruptcy might eventually offer some refunds to customers, though he cautioned against overly optimistic expectations due to the complex hierarchy of claims against VanMoof’s estate.

For those interested in the discount offer, they can apply here, prepared for a complex verification process necessitated by GDPR regulations and VanMoof’s prior administrative challenges.

Applicants are also advised to attempt bank chargebacks for previous orders as a prerequisite. The discount is redeemable until December 31, 2027.

The success of VanMoof’s strategical redirection remains to be seen. What’s unequivocal is that the company’s path forward hinges on re-establishing trust and fulfilling its commitments to current and potential customers, facing the dilemma of whether a sophisticated, redesigned e-bike is worthy of their renewed investment and patience.

Update 7/15/24 9:30 a.m. PT to clarify the financial implications for customers with unresolved preorders prior to VanMoof’s bankruptcy announcement.