Brussels-based e-bike startup Cowboy, which designs and manufactures connected electric bikes for urban riders, has secured €5 million in funding led by Cypress Capital, with participation from Index Ventures, HCVC, Future Positive, Isomer Capital, and Exor N.V. The fresh funding will help Cowboy target full-year profitability in 2025.
- Founded in 2017 by Adrien Roose, Karim Slaoui, and Tanguy Goretti, Cowboy designs and manufactures highly connected electric bikes tailored for urban riders. The company aims to revolutionize the bike and mobility industries through innovation, from the point of sale to ongoing service.
- In March, Cowboy launched the Cross, its most versatile e-bike to date, which has helped double the company's total addressable market. Its software provides the best riding experience available, with no need for gears or modes.
- Cowboy offers e-bikes in over 250 European shops and provides after-sales support, while its global rider community has logged more than 150 million kilometers.
Details of the deal
- The investment was led by Cypress Capital, a Hong Kong-based venture capital firm that provides advisory and asset management services.
"Cowboy is delivering the right product in the right place at the right time. Despite the challenges of a turbulent market, the company has made significant strides by focusing on perfecting hardware design, software upgrades, and business model transformation,” Portfolio Manager at Cypress Capital, Caren Huang, commented.
- The round was also backed by existing investors, including London-based VC Index Ventures, Paris-based Hardware Club, Future Positive Capital, a New York-based venture capital firm, Isomer Capital, and Exor N.V.
"Our partnership with Cypress Capital marks a very special point in our growth journey, Their investment not only strengthens our ties with Taiwan, the home of bike manufacturing that will help us achieve our ambitious goals. This raise underpins our plans for 2025 and signals the emergence of positive trends in an industry that is expected to grow fivefold by 2035," Co-founder and CEO of Cowboy, Adrien Roose, stated.
- With the new capital, Cowboy is poised to achieve full-year profitability by 2025. Alongside this strategic investment, Cowboy will launch a crowdfunding campaign on Crowdcube on Monday, September 9th, inviting its highly engaged global rider community to join this exciting next phase of the company's journey.
