Belgian electric bike startup Cowboy raises €23M

At a time when the bike sales are booming as people all over the world want to save the environment as well as stop wasting the available space to park their car, several smart e-bike startups have mushroomed with permanent solutions. Eventually, city dwellers are opting to choose e-bikes as their primary means of commute and this is bringing about a transformation in urban mobility.

Massive demand for Cowboy 3

Last month, Brussels-based smart e-bike startup Cowboy came up with the new Cowboy 3 model. It met with a massive demand, thanks to the well-designed bike with innovative technologies. The latest offering from the startup has garnered a great recognition as it comes with a removable battery, which is integrated into the frame.

Also, it features an intuitive automatic transmission. The other notable aspects of the Cowboy 3 include a carbon fibre belt, Theft Alert, Auto Unlock, and Crash Detection among others that offers riders a connected experience throughout their ride.

Secures €23M funding!

In a recent development, Cowboy has announced the completion of its Series B funding round with €23 million investment led by Exor Seeds, the early-stage investment arm of Exor, the controlling shareholder of FCA and Ferrari, Isomer Capital, and HCVC along with others such as Future Positive Capital and Index Ventures known to support entrepreneurship and impact innovation.

With this investment, the smart electric mobility startup will be able to focus on the expansion of its global team, retail and service footprint and product offering. The company will deliver on its vision and transition from cars to bikes within cities. Also, Cowboy plans to hire over 30 new employees in the next six months, expand its footprint across Europe, and scale operations.

Adrien Roose, Co-Founder & CEO shared, “We’re thrilled about this raise. It was important that we attract such a diverse group of world-class investors with a track record in supporting excellence in design and technology as we become the one-stop-shop in urban mobility. What has always set us apart is our focus on design, hardware and software development, and a complete service offering, appealing to an audience that may not have considered an e-bike before. With these funds we will continue to grow our team, our product, and our retail and service footprint across Europe.”

He continued, “The last three years have seen Cowboy go from an idea of reimagining the electric bike to become a desired brand with a devoted community within the mobility space. We’ve stayed true to our initial vision of providing a better alternative to the car—a shift we will now accelerate and lead.”

Noam Ohana, who heads Exor Seeds commented, “We’re excited to partner with Cowboy in their mission to bring sustainable transportation to our city streets with beautifully-designed, customer-centric e-bikes. We are witnessing an urban transformation as more bike lanes and other environmentally-forward policies open up our cities to alternative forms of mobility, in which we believe Cowboy will play a key part.”

Sofia Hmich of Future Positive Capital looked specifically at the potential for impact Cowboy can have on cities and mobility. “The time for Cowboy is now,” Sofia shared. “More than a bike, they’re providing a convenient, efficient, and healthy way of life. We’re proud to support them, especially in the development of new sustainability initiatives.”

Chris Wade of Isomer Capital concluded, “Co-investing with our portfolio Venture Capital Funds, in this case HCVC, into their most-promising companies is a core part of our strategy. We have been following Adrien and Cowboy for some time, and the traction and ambition of the company to be the definitive choice for the modern city dweller is world class.”

No signs of slowing down

Even during the pandemic and the subsequent lockdown, Cowboy ridership hasn’t shown any signs of slowing down. Cowboy riders have cycled longer durations and further distances during and after the lockdown in Europe. The average speed has been 15.2 kmph, which outshines that of cars in many major cities in addition to eliminating the CO2 emissions.

Founded in 2017 by Adrien Roose, Karim Slaoui, and Tanguy Goretti, Cowboy has already made progress in sustainability as it looks to grow as an impact business, aligning profit with city and civic impact. These measures include returning bike assembly to Europe, automating many aspects of production, and developing a circular initiative.

Main image picture credits: Cowboy