Electric bike designer Cowboy has just raised over €71 million as they continue to encourage a circular economy alongside sustainable mobility. The round is led by Exor, HCVC and Siam Capital, with investments from Tiger Global, Index Ventures, Eothen, Isomer Opportunities Fund, Future Positive Capital and Triple Point Capital.
Founded in 2017, Cowboy is the connected electric bike for urban riders, and the company is a key player in the European bike and mobility industries. Its mission is to power riders to map their own paths, through mindful movement that benefits all.
Headquartered in Brussels, Cowboy has had an exciting period of growth since its launch. In 2020, the startup got Crowdcube’s largest-ever cleantech raise. Then, 2021 was a stand-out year. In May 2021, the startup launched Cowboy 4 which garnered record sales. Last year also saw successful moves into the Nordics and the US markets, as well as the recent introduction of Cowboy Care – an industry first, all-inclusive, on-demand repair and maintenance subscription service.
It doesn’t end there, Cowboy app 3.0 also launched, giving ride stats and social sharing capabilities for riders, as well as enhancements made to Cowboy Circular which allows customers to buy second-hand certified refurbished Cowboy bikes.
A holistic combination of fresh product developments, market growth and innovation has been at the forefront of Cowboy’s sustainable ecosystem for urban cycling. As a result, the company is on track to have over 100,000 riders by the end of 2022.
Karim Slaoui, Co-Founder and VP Hardware Technologies, said: “Since day one at Cowboy, we have focused on designing the simplest, most intuitive ride feeling anyone has experienced in an electric bike. Now we can go even further with the technology in the bike and how it pairs with the app for a truly seamless cycling experience for every rider.”
Micro mobility is one of the fastest-growing markets in Europe at the moment, and the pedals are accelerating fast in the USA as well. Ebikes are already the fastest-selling form of electric vehicle worldwide, and the market is expected to reach a size of over $50 billion in the next 6 years.
As people look for a smarter means of transportation and a better choice to help combat the climate crisis, ebikes have stood out as the natural choice. They also offer various health benefits which can’t be overlooked and is an area that Cowboy wants to highlight for their next period of growth.
Cowboy is uniquely positioned to help tackle both the environmental and the mental and physical wellness challenge by changing the way people move in and around cities – transitioning from largely passive transportation to an active one.
Since last November, the Cowboy app has offered riders to track their fitness stats, including human power and caloric burn, as well as to compare and compete with the rest of the community. 2022 will see new wellness features with the Cowboy bike becoming the go-to riding coach on the streets today.
Tanguy Goretti, Co-Founder & CTO, said: “In just over two month’s time since we released the new app, our riders have cycled almost 2.5 million kilometers. They’re riding further and more often – an 8% increase in distance traveled and a 15% increase in moving time. That’s really our ambition here at Cowboy. As we look to further enhance the connected ride, we can be that everyday companion encouraging the community to ride and anticipating their needs along the way.”
Cowboy already operates in Austria, Belgium, Denmark, France, Germany, Italy, Luxembourg, Netherlands, Spain, Sweden, the United Kingdom and the U.S. and 2022 will see more expansion. Further, this new funding will support Cowboy’s plans to enrich the service and geographical footprint offered through Cowboy Care.
In addition, two new retail stores will open in the first half of this year, joining the existing Brussels brand store. Berlin will open its doors in February and Paris will follow in May, offering an immersive physical retail experience.
As the startup strives to become one of the leading brands accelerating the transition to decarbonized mobility, initial efforts include reaching a goal of over 50% of bike parts and components produced in Europe, thus reducing reliance on long-distance freight. And, continued enhancement of the product lifecycle and Circular program, enabling different bike generations to pass from one owner to another in a simple way.
“People deserve to be able to move freely and to map their own paths in life,” Commented Co-Founder Adrien Roose. “We believe the electric bike is the way forward for people and the planet. It’s beyond exciting to have this financial commitment to investing in that future with us.”