Topics
later
AI
Amazon
Image Credits:VanMoof
Apps
Biotech & Health
Climate
Image Credits:VanMoof
Cloud Computing
Commerce
Crypto
enterprisingness
EVs
Fintech
fund raise
Gadgets
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
blank
startup
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
meet Us
WhenVanMoof declare bankruptcylast year , it leave around 5,000 client who had preordered vitamin E - bikes in the lurch . Now VanMoof is up and running under fresh direction , and the company ’s current owners are courting those same customer by offering them a € 1,000 discount off a new bike .
It ’s an audacious scheme , one that calculate on jilt customers lovingVanMoof ’s bikesso much that they ’ll vanquish out several thousand more euro for them .
Before it went bust , VanMoof had asked customers to bear close to the full amount when they preordered , a move designed to give the startup working chapiter that also ensue in foresightful waiting time for deliverance . The down payment cost anywhere from € 2,300 to € 2,500 , depend on the model and year , money many customers never got back .
Today ’s modeling — thefull - sized S5with 27.5 - inch wheels and a unbent frame , as well as thesmaller A5with 24 - in wheels and a step - through inning — cost € 3,298 . Which mean customers who want to take advantage of this discount will have to put down another € 2,298 ( € 3,298 cost of bicycle minus € 1,000 discount ) on top of what they already paid for their undelivered e - bike . but put , they ’d be spend near to € 4,600 all together for one VanMoof bike .
“ Obviously it ’s not a full solvent . We ’re very much cognisant of that , ” Eliott Wertheimer , VanMoof ’s Colorado - chief executive officer , distinguish TechCrunch . “ The way we see it is this is a gesture to help oneself citizenry get back on the road who still believe in [ VanMoof ] . ”
Beforegoing bankruptin July 2023 , VanMoof had raised close to$200 million in venture capitaland gained acult followingon the vision of its sleek , trendy , uncluttered e - bikes designed end - to - end and controlled by an incorporate app . The elan was there , but the startup lacked execution . Using bespoke character meant the bikes often break , and it was difficult to replace those parts in a timely mode , particularly without a robust service internet in place . The ship’s company also used its VC money to artificially lower prices in a way that quickly became unsustainable , according to Wertheimer .
Lavoie , a division of McLaren Applied that was formed in 2022 to build e - scooters , acquired VanMoof in August 2023 . Since then , Lavoie has worked to re - establish VanMoof ’s supply chemical chain and dress up a wide service web throughout Europe and constituent of the U.S. ; reinvigorate VanMoof ’s proficient ecosystem , include its apps and website ; and re - engineer VanMoof ’s core product . In other words , today VanMoof claim to offer more dependable , repairable e - bikes that have go through McLaren ’s examination and design loop process .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
“ We ’re past restructuring , we ’re past restarting . We ’re baffle into how we re - establish the brand and relaunch , ” said Wertheimer . “ An ongoing consideration throughout this whole journey was what can we do for people who did n’t get their wheel ? ”
Apparently , the resolution to that doubtfulness is to try and hook customer with deduction instead of giving them their money back because that money is link up in bankruptcy proceeding . Wertheimer told TechCrunch the money customer used to give for their bike , as well as the bikes themselves , are part of the failure landed estate , which is being managed by the estate ’s administrators in the Netherlands . That means Lavoie does n’t have accession to those monetary fund .
“ So anything we could do to support mass who did n’t get their bicycle from the old party will effectively have to come out of our own pocket , ” said Wertheimer , noting that € 1,000 is the most Lavoie could open “ without threatening our existence . ”
Wertheimer also noted that the bankruptcy mental process is on-going , and customers still remain firm to get fond refunds through that once it ’s conclude . Although , pass what is likely a long line of secured creditors and priority unlatched creditor onwards of those customers ( not to mention effectual fees associated with the bankruptcy physical process ) , customers probably should n’t hold their breath .
For those who do require to sign up for the discount , they can applyhere — but get ready for a somewhat tangled process .
When Lavoie took over VanMoof , it was n’t able to enter the company ’s customer parliamentary procedure due to a combination of a chaotic back - terminal and data - sharing constraints from Europe ’s GDPR ordinance . That mean client who want to cash in in their deduction will want to reach out to VanMoof right away and show documentation to try they made an rules of order .
They ’ll also take to go through the rigmarole of trying to get a repayment from their money box via a chargeback , if they have n’t already . VanMoof will only supply discounts to mass who can prove that they try and failed to get their money back this way .
For those who are happy to follow all those steps and ante up , they have until December 31 , 2027 to apply their rebate .
It ’s indecipherable if VanMoof ’s strategy will pay off off . One thing is certain : The startup ’s future flexible joint on its ability to find client confidence and deliver on its promise . Customers will have to make up one’s mind on whether the allure of a sexy , re - engineered tocopherol - cycle is deserving the price and the endeavor , or if past failure will keep them away for trade good .
update 7/15/24 9:30 a.m. PT to elucidate costs for customer who placed preorders ( undelivered)before VanMoof declare bankruptcy .
