Brussels-based startup Cowboy, the design-driven electric bike company, has today announced surpassing its €1.4 million crowdfunding campaign target in just 12 minutes, raising a total of €3.2 million. Cowboy’s 47,500 community of registered users and private investors were invited to invest, attaining further support from existing investor Index Ventures.
The crowdfunding campaign is now open to the public; from today until 10 January 2020 individuals have the opportunity to invest as little as €20 in Cowboy. The funding will be used to accelerate its growth and fulfill its goal of transforming global urban mobility with its connected and intuitive e-bikes.
Cowboy was founded in Brussels in 2017 and to date has raised €13.2 million from international investors (including Index Ventures, Tiger Global and Hardware Club) in its Series A round in autumn 2018 and quickly sold out its entire stock of bikes in Belgium last year. This year, the company expanded into Germany, France, Netherlands and Austria, UK, Spain and Italy. Cowboy’s achievements include selling over 5,000 bikes in 2019 alone, 5 x year on year growth, 3,482,713 km ridden and 435,375 kgs saved in carbon emissions, and is creating a community of loyal fans.
The micro mobility space currently provides great opportunities, with recent research from Deloitte predicting that the e-bike market will boom with 130 million units predicted to be sold globally in the next three years.
Adrien Roose, Cowboy’s CEO, said: “2020 will see huge growth for the e-bike market as many commuters and urban residents realise that they no longer want to sit in traffic for hours, get stuck on public transport or add to carbon emissions. Cowboy offers an ideal solution for easy urban mobility, an intuitive ride, the latest in technology, sleek design and practical elements such as a removable battery and anti-theft features.”
Luke Lang, co-founder and CMO, Crowdcube said: “Cowboy’s roaring success with its private raise, shows its community is already fired up to back its vision of eco travel and stunning design. Crowdcube looks forward to enabling supporters around Europe and globally over the next 30 days to champion Cowboy’s mission to scale.”