Cowboy, a Brussels-based e-bike startup, has reportedly raised USD 80 million in a Series C funding round which was led by Siam Capital, HCVC, and Exor. The fundraising also saw participation from existing investors including Index Ventures, Tiger Global, Isomer Opportunities Fund, Eothen, Triple Point Capital, and Future Positive Capital.
Apart from specializing in e-bikes, Cowboy has also created a companion app that offers a variety of free bike-related features, including route planning, bike tracking, diagnostics, and the opportunity to track the users' progress as well as compare it to that of other Cowboy riders.
Cowboy's CEO and co-founder Adrien Roose was motivated to launch after realizing that e-bikes could help expand the bike delivery network relatively faster while also contributing towards a better environment. Electrifying bicycles has allowed cycling to be more accessible to everyone, he added.
Roose along with Karim Slaoui and Tanguy Goretti, the company’s other co-founders, then set out to create an e-bike platform that would particularly appeal to the younger city inhabitant. Cowboy is known to build its bikes from the ground up, as opposed to many companies on the market that design the frame but then buy components from third parties.
Cowboy bikes have become quite popular for their brushed-metal lines, sleek and relatively lightweight (a Cowboy bike weighs around 19 kg), a discrete battery positioning, and a 70-kilometer battery life.
The company intends to use the fresh funds to improve the tech used on its bikes, add more services and functionality to its app, create a more talented team, and expand to more markets
Cowboy has secured USD 120 million to date but declined to comment on valuation or any sales numbers. The company intends to reach 100,000 riders by the end of 2023.
Source Credits:
https://techcrunch.com/2022/01/26/cowboy-raises-80m-to-take-its-e-bike-business-up-a-gear/