As part of a series B financing, the Belgian start-up Cowboy announced on July 23rd that it has completed a €23 million financing round to continue the development of its connected electric bicycle in Europe.
Cowboy, a Belgian start-up born in 2017, announced on Thursday 23 July that it has raised €23 million from various investors including Exor Seeds (a subsidiary of Exor, controlling shareholder of Ferrari and FCA), HCVC, Index Ventures, Tiger Global, Isomer Capital, and Future Positive Capital.
The funds raised are aimed at developing the brand’s product offering, its distribution network in Europe, and increasing its workforce, with the recruitment of 30 employees over the next six months.
Created by Adrien Roose, Karim Slaoui, and Tanguy Goretti, Cowboy designs and manufactures electric and connected bicycles. The Brussels-based company handles every step of the value chain, from point of sale to point of service.
The latest model, named Cowboy 3 and launched a month ago, has a removable battery integrated into the frame and an automatic transmission. Other features include a carbon fiber belt, automatic unlocking, theft warning, and collision detection, “offering cyclists a real experience of connected products and services, from the first pedal stroke to insurance and maintenance,” sums up the start-up.
Read also: Cowboy 3 delivers much more on its mobile app – in this article. And, Cowboy 3 vs Vanmoof S3 review: top connected city e-bikes – in this article. And, Cowboy 3 vs Angell vs Vanmoof S3 – which one would you choose? – in this article.
Moving Cowboy e-bike assembly to a new location
In a context where the use of electric bicycles is increasing in urban areas, driven by the increase in bicycle paths, Cowboy is betting on the development of micro-mobility, “a similar dynamic in cities around the world: space, long allocated exclusively to cars, is now being returned to the inhabitants”, says the company.
Despite the economic uncertainties linked to the Covid-19 pandemic, Cowboy says it has recorded “significant growth in sales”, without specifying any details. The product is marketed from around 2,000 euros, depending on the model.
Winner of the 2017 Eurobike, the 2018 Red-Dot award for bicycle design and the Red-Dot “Best of the Best” award for the prototype of the 2019 model, Cowboy operates in Germany, Austria, Belgium, Spain, France, Italy, Luxembourg, the Netherlands, and the United Kingdom.
In addition, the company says it has taken steps to relocate its electric bicycle assembly to Europe, automate production and develop a circular initiative. For the time being, the frame is manufactured in China, while the e-bikes are assembled in Poland.
Here is a quick video review of one of the Cowboy e-bike models: