Belgian e-bike manufacturer Cowboy has raised €5 million as it aims for profitability and growth by 2025. The funding comes at a time when the mobility industry is rebounding from supply chain disruptions caused by COVID-19. Adrien Roose, Co-Founder and CEO of Cowboy, describes the investment as a positive sign for the industry.
In the broader context of the e-bike industry, Cowboy has shown resilience compared to competitors like VanMoof, which declared bankruptcy in July 2023. Cowboy’s innovative approach, including the creation of the Bikey app to help VanMoof riders, highlights its adaptability. Other major players, such as Accell Group, are also navigating financial challenges, underscoring the complexities of the industry.
Funding Details
The €5 million funding was led by Cypress Capital, marking Cowboy’s first strategic partnership with an Asian investor. This collaboration is expected to strengthen Cowboy’s business in Taiwan, a crucial hub for bicycle component manufacturing. Roose expressed optimism, stating:
“This makes us more credible as a partner and makes it far easier for us to do business in Taiwan.”
Alongside Cypress Capital, existing investors like Index Ventures and Hardware Club continue to support Cowboy. The company aims to achieve full-year profitability by 2025, driven by strategic investments and community involvement. Roose highlighted the industry’s potential:
“Most people agree fairly easily that e-bikes are going to be the most common or most popular mode of transport within cities, given it’s greener, faster, cheaper, and healthier.”
Community and Market Expansion
Cowboy is also launching a crowdfunding campaign on Crowdcube, inviting its global rider community to participate. Community involvement has previously played a significant role in the company’s success, with €8 million raised through crowd investors. Roose reflected on the journey:
“I remember the first time I did a webinar to hundreds of people and started sharing numbers. It was terrifying. But the results, I think, are worth it.”
Cowboy’s omnichannel sales approach has expanded its market reach. The company now sells e-bikes through over 250 independent bike shops across Europe, providing after-sales service. Roose emphasized the importance of physical retail:
“Most people in Europe still go to their local bike dealer to get advice and buy bikes. E-bikes are expensive, complicated products that people want to try before they buy them.”
Cowboy is also focusing on sustainability, with a trade-in program for second-hand and subscription offerings. The company recently launched the Cross e-bike, doubling its addressable market and winning the GQ Ebike of the Year Award.
Cowboy’s software advancements, such as AdaptivePower™, further differentiate it from competitors. The rider community continues to grow, with over 150 million kilometers traveled globally. Roose sees a promising future:
“With new investment, unwavering support from our current investors, the power of the crowd, and continuous innovation, Cowboy is well positioned to lead the category.”
Looking ahead, Cowboy aims to enhance safety and security features, including crash detection, and develop more interactive community features. Roose envisions a social platform for riders to connect and share experiences, emphasizing the company’s commitment to innovation and community engagement.
