Dutch e-bike manufacturer VanMoof said Wednesday it had raised over a hundred million dollars that will allow it to expand production as well as reduce costs for consumers.

The $128 million (108 million euros) takes to $182 million the amount of private financing the company has raised in less than two years as the market for e-bikes has boomed thanks to the coronavirus pandemic encouraging people to seek alternative means of transport.

Van Moof's e-bikes may be minimalist in style but they are loaded with high-end equipment and technology, including automatic electronic gear shifting and integrated anti-theft features.

At just under 2,200 euros, the company's current two models are far from the most expensive e-bikes but are also out of reach of many consumers.

VanMoof said the financing will serve to expand production and at the same time reinvent how components and software are made to make its e-bikes more accessible to consumers.

"We are reinventing, redesigning and rethinking each bike component," VanMoof cofounder Taco Carlier was quoted as saying in a statement.

"That will aid us to get 10 million people on our bikes in the next five years and our investors share our vision of a future mobility that is both intelligent and cleaner."

The company said the global e-bike market is expected to hit $48 billion by 2028, double the value it was forecasted to attain before the Covid-19 pandemic.

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