The Apple Of E-Bikes Has Just Gone Bankrupt And We Can't Say We're Surprised

VanMoof's e-bikes were among the most hyped-up products of recent years. The company amassed over $200 million from investors to fund its e-bike creations, projecting a promising future. But sleek marketing, investor funding, and a promise of revolutionizing the industry hasn't been able to save the Amsterdam-based company from financial turmoil.

VanMoof has been struggling to keep its head above water. After a number of its senior members left the company, customers began worrying about its future. Turns out they may have been right to, as earlier this week, it was revealed that the company went to the courts to get a suspension of payment. This was sought to prevent the company from going bankrupt by pausing payments to creditors.

Unfortunately for the company, it has now been revealed that the courts denied the suspension of payment. As a result, VanMoof is now officially bankrupt. This jeopardizes the company's future, and those in charge are exploring a path forward. From its statement to the public, it seems selling the company while continuing its services is VanMoof's preferred outcome.

On July 17, VanMoof issued a statement explaining that the Court of Amsterdam declared the company bankrupt. It also stated that two administrators were stepping in as trustees to orchestrate the process. Accompanying the announcement was an extensive Q&A about the company's future and how this will affect customers. VanMoof stated that it was currently creating a sales process for its assets and services. The company explained that it is looking for a party that "is willing to continue the activities of VanMoof." So, a company like Swagtron, responsible for the foldable Swagtron EB-5, could step in to save the day.

In reply to whether the e-bikes would cease functioning after bankruptcy, the company stated that the team is committed to keeping the e-bike's app and services online. However, it advised users to create a backup unlock code for their bikes just in case. Some will be relieved by this news, while others aren't affected as they already migrated to a competitor's app.

Unfortunately for VanMoof e-bike owners, repair services in the Netherlands are ceasing. VanMoof's maintenance service was already heavily criticized, and this will only make it worse. In addition, the company announced that all outgoing deliveries for bikes, parts, and accessories have stopped.

However, VanMoof noted that its non-Dutch entities were not in insolvency. This could be a silver lining for the company. But VanMoof wrote that it won't know until after investigating how the bankruptcy will affect their foreign entities.