Belgian e-bike maker Cowboy, has raised €5 million in funding from a new strategic investor – Cypress Capital. This is the first Asian investor in the company and it brings strong relationships in Taiwan, a hub for bicycle manufacturing.
The financing also saw support from existing investors – Index Ventures, Hardware Club, Future Positive Capital, Isomer, and Exor Ventures, which invested in SAVA and Zeliq.
It follows improvements in Cowboy’s business performance, including enhanced unit economics and increased margins. The company gears up for profitability and accelerated growth in 2025.
Crowdfunding campaign
In addition to this strategic investment, Cowboy will launch a crowdfunding campaign on Crowdcube on Monday, September 9, inviting its highly engaged, global rider community to participate in this exciting next phase of the company’s journey.
This follows the successful model of previous capital raises, where community involvement has played a key role in Cowboy’s success raising €8 million via 8,000 crowd investors.
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,” said Caren Huang, Portfolio Manager, Cypress Capital. “Cowboy has demonstrated its resilience and competitive edge in a challenging industry. We are excited to support Cowboy’s mission to become the premium brand in e-mobility.”
Contemporary electric bikes
Founded in 2017 by Adrien Roose, Karim Slaoui and Tanguy Goretti, Cowboy aims to transform urban mobility with its highly connected electric bikes. It carries the credits for being the first e-bike maker to achieve B-corp status in 2022.
In March, Cowboy launched Cross, its most versatile ebike to date helping to double the company’s total addressable market. Already, this product received the GQ Ebike of the Year Award.
The company’s software expertise continues to set it apart from other competitors, demonstrated by the success of its most recent update to AdaptivePower, its revolutionary, patented technology that enables the best riding experience on the market with no gears or modes. It also unveiled its new ultra convenient trade-in program with Upway, demonstrating its dedication to bringing the benefits of ebikes to as many people as possible.
“Our partnership with Cypress Capital marks a very special point in our growth journey,” said Adrien Roose, Co-Founder and CEO of Cowboy. “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. In a world captivated by apps and chatbots, it’s bold investments in hardware that drive positive change. Just as the AI era depends on chips and data centres, the greener, more flexible future we envision rests on progress in physical infrastructure. 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.”
