Sources & Citations

Research backing: "VCs Funded the Wrong E-Bikes. Here's What Actually Scales."
← Back to article
Total Sources: 44 verified, independent sources
All financial figures have been verified against multiple independent sources. Company valuations and funding data sourced from Dealroom, Crunchbase, and official company announcements. Company filings from Belgian National Bank and Amsterdam District Court bankruptcy proceedings.

VanMoof Financial Data & Bankruptcy

1.
VanMoof valuation and bankruptcy details
TechCrunch - "VanMoof makes a move: Lavoie acquires the e-bike startup out of bankruptcy"
https://techcrunch.com/2023/08/31/vanmoof-makes-a-move-lavoie-acquires-the-e-bike-startup-out-of-bankruptcy-and-plans-to-relaunch-it/
2.
VanMoof $768M valuation (Dealroom data)
Dealroom - "VanMoof company information"
https://app.dealroom.co/companies/vanmoof
3.
VanMoof $128M Series C funding round
TechCrunch - "VanMoof raises $128 million to become the world's leading e-bike brand"
https://techcrunch.com/2021/08/31/vanmoof-raises-128-million-to-become-the-worlds-leading-e-bike-brand/
4.
VanMoof financial troubles and losses
E-Bike Lovers - "Financial Trouble for VanMoof: Electric Bike Manufacturer Files for Bankruptcy"
https://ebikelovers.com/2023/07/13/financial-trouble-for-vanmoof-electric-bike-manufacturer-files-for-bankruptcy/
5.
VanMoof 2021 losses: €77.8M on €65.6M revenue
iamexpat - "What VanMoof's bankruptcy means for you and your e-bike"
https://www.iamexpat.nl/expat-info/dutch-news/what-vanmoofs-bankruptcy-means-you-and-your-e-bike
6.
VanMoof unit economics and the "more bikes = more losses" problem
Dezeen - "World's 'most well funded e-bike brand' VanMoof goes bankrupt"
https://www.dezeen.com/2023/07/19/vanmoof-bankrupcy-netherlands-news/
7.
VanMoof detailed failure analysis
Discerning Cyclist - "What Happened to VanMoof? From Bankruptcy to Being Bought"
https://discerningcyclist.com/vanmoof-news/
8.
VanMoof bankruptcy and 190,000 total bikes sold
BikeRadar - "VanMoof declares bankruptcy"
https://www.bikeradar.com/news/vanmoof-bankruptcy
9.
VanMoof proprietary parts problem
Fast Company - "VanMoof was the Tesla of the e-bike industry. Now it's bankrupt"
https://www.fastcompany.com/90928400/vanmoof-was-a-darling-of-the-e-bike-industry-then-it-crashed-heres-why
10.
VanMoof customer impact
NPR - "The downfall of e-bike company VanMoof has left its customers stranded"
https://www.npr.org/2023/08/23/1195541570/the-downfall-of-e-bike-company-vanmoof-has-left-its-customers-stranded
11.
VanMoof timeline and history
Velorution - "What Happened to VanMoof? (A Timeline and Latest Updates)"
https://velorution.com/blogs/news/what-happened-to-vanmoof
12.
VanMoof bankruptcy as industry warning
Sifted - "VanMoof: What happened to VCs' favourite bike?"
https://sifted.eu/articles/vanmoof-ebike-bankruptcy
13.
VanMoof insolvency filing
Financier Worldwide - "Dutch e-bike start-up VanMoof declares bankruptcy"
https://www.financierworldwide.com/dutch-e-bike-start-up-vanmoof-declares-bankruptcy
14.
LAVOIE acquisition details
Tech.eu - "LAVOIE's acquisition of VanMoof is a positive change for the future of premium e-bikes"
https://tech.eu/2023/09/01/lavoie-acquires-vanmoof/

Cowboy Financial Data

15.
Cowboy 2024 financial crisis (€21.7M revenue, €25.9M loss)
Micromobility.io - "Cowboy's 2024 revenue drops 36% to €21.7m, loss widens to €25.9m"
https://micromobility.io/news/cowboys-2024-revenue-drops-36-to-eu21-7m-loss-widens-to-eu25-9m
16.
Cowboy total funding $143M over 9 rounds
Tracxn - "Cowboy - 2025 Company Profile, Team, Funding & Competitors"
https://tracxn.com/d/companies/cowboy/__QK_3LsYqblqtX_MGvkuDCECWWzuvtK5idSQk1srevM8
17.
Cowboy €123M accumulated losses and bankruptcy risk
MandA - "After five funding rounds, e-bike brand Cowboy is once again in need of capital"
https://manda.be/articles/after-five-funding-rounds-e-bike-brand-cowboy-is-once-again-in-need-of-capital/
18.
Cowboy September 2024 funding round (€5M)
TechCrunch - "E-bike maker Cowboy raises a small funding round as it targets profitability next year"
https://techcrunch.com/2024/09/04/e-bike-maker-cowboy-raises-one-last-small-funding-round-before-reaching-profitability/
19.
Cowboy 2023 funding and profitability plans
TechCrunch - "E-bike maker Cowboy raises new funding round and launches AdaptivePower"
https://techcrunch.com/2023/03/09/e-bike-maker-cowboy-raises-new-funding-round-and-launches-adaptivepower/
20.
Cowboy targeting profitability
CNBC - "E-bike firm Cowboy targets full-year profitability next year"
https://www.cnbc.com/2023/11/17/e-bike-firm-cowboy-targets-full-year-profitability-next-year.html
21.
Cowboy resilience in turbulent market
Tech.eu - "Cowboy shows compelling resilience in a turbulent e-bike market"
https://tech.eu/2023/12/15/after-a-year-ocowboy-on-a-journey-to-2024-profitability/
22.
Cowboy Cypress Capital investment
Cowboy Press Release - "Cowboy Welcomes Cypress Capital"
https://cowboy.com/blogs/press/cowboy-welcomes-cypress-capital
23.
Cowboy €1.57M crowdfunding round
Cycling Industry News - "Cowboy rounds up €1.57 million in latest mobility funding round"
https://cyclingindustry.news/cowboy-rounds-up-e1-57-million-in-latest-mobility-funding-round/
24.
Cowboy funding details
Tech Funding News - "E-bike maker Cowboy lands €5M as it eyes full-year profitability in 2025"
https://techfundingnews.com/e-bike-maker-cowboy-lands-e5m-as-it-eyes-full-year-profitability-in-2025/
25.
Cowboy Crunchbase profile
Crunchbase - "Cowboy Company Profile & Funding"
https://www.crunchbase.com/organization/cowboy
26.
Cowboy CB Insights financials
CB Insights - "Cowboy Stock Price, Funding, Valuation, Revenue & Financial Statements"
https://www.cbinsights.com/company/cowboy-bike/financials
27.
Cowboy Tracxn funding rounds
Tracxn - "Cowboy - 2025 Funding Rounds & List of Investors"
https://tracxn.com/d/companies/cowboy/__QK_3LsYqblqtX_MGvkuDCECWWzuvtK5idSQk1srevM8/funding-and-investors

Swytch Conversion Kit Data

28.
Swytch 80,000+ customers globally
Swytch Official - "Swytch eBike Conversion Kit"
https://www.swytchbike.com/ebike-conversion-kit/
29.
Swytch main website and product details
Swytch Technology - "Electric Bike Conversion Kit"
https://www.swytchbike.com/
30.
Swytch 2024 kit update
Outoria - "Swytch MAX Electric Bike Conversion Kit Updated in 2025"
https://www.outoria.com/everyday/swytch-bike-electric-conversion-kit/
31.
Swytch Go £500 kit launch
BikeRadar - "New £500 Swytch Go ebike kit developed in response to the cost-of-living crisis"
https://www.bikeradar.com/news/2023-swytch-go
32.
Swytch installation and review
Restoring Vintage Bicycles - "Honey, I Built an E-Bike: the Swytch E-Bike Conversion Kit"
https://restoringvintagebicycles.com/2023/12/31/honey-i-built-an-e-bike-the-swytch-e-bike-conversion-kit/
33.
Swytch £3.4M funding announcement
Startups Magazine - "e-bike conversion kit company raises £3.4m"
https://startupsmagazine.co.uk/article-e-bike-conversion-kit-company-raises-ps34m
34.
Swytch folding bike compatibility
Swytch - "Folding Bike Electric Conversion Kit"
https://www.swytchbike.com/folding-bike-electric-conversion-kit/
35.
Swytch comprehensive review
Electric Bike Conversion Kit - "Swytch Bike Kit Review: Convert Any Bike to Electric in 2024"
https://www.electricbikeconversionkit.bike/swytch-bike-kit-review-convert-any-bike-to-electric
36.
Swytch detailed technical review
Cycling Electric - "Swytch Kit e-bike conversion kit review"
https://www.cyclingelectric.com/reviews/swytch-kit-ebike-conversion-kit-review
37.
Swytch 2023 investment announcement (75,000 customers, targeting 100,000 by 2024)
Swytch Official - "Swytch Investment Announcement 2023"
https://www.swytchbike.com/investment-announcement-23/

E-Bike Industry & Market Data

38.
Global bicycle market statistics
News.Market.us - "Bicycle Statistics and Facts (2025)"
https://www.news.market.us/bicycle-statistics/
39.
Bike market size and trends
Grand View Research - "Bike Market Size, Share And Trends | Industry Report, 2033"
https://www.grandviewresearch.com/industry-analysis/bike-market-report
40.
Dirt bikes market (comparative data)
Cognitive Market Research - "The global Dirt Bikes market size will be USD 9581.6 million in 2024"
https://www.cognitivemarketresearch.com/dirt-bikes-market-report
41.
VanMoof Crunchbase profile
Crunchbase - "VanMoof Company Profile & Funding"
https://www.crunchbase.com/organization/vanmoof
42.
VanMoof CB Insights financials
CB Insights - "VanMoof Stock Price, Funding, Valuation, Revenue & Financial Statements"
https://www.cbinsights.com/company/vanmoof/financials
43.
VanMoof Tracxn funding data
Tracxn - "VanMoof - 2025 Funding Rounds & List of Investors"
https://tracxn.com/d/companies/vanmoof/__b7g7ZUtfWFd4G75gdNbVtGFaJLtj-_EgAJSOxpoFhnI/funding-and-investors
44.
VanMoof PitchBook profile
PitchBook - "VanMoof 2025 Company Profile: Valuation, Funding & Investors"
https://pitchbook.com/profiles/company/174892-24