Cowboy has raised $26 million (£20 million) in a Series B funding round.
As a result of the round, which included investments from Isomer Capital, HCVC, Exor Seeds, Future Positive Capital and Index Ventures, Cowboy plans to hire an additional 30 employees in the next six months, scale its production operations and expand its network of test rides.
The company recently released the third generation of its flagship bike, which is all about refinements and iterating on its existing offering. If you haven’t seen one in a European city, it features an iconic triangle-shaped aluminium frame with integrated pill-shaped lights.
With a focus on simplicity, there are no gears or buttons to control motor assistance. The motor kicks in automatically when you start pedalling. Some of the key features of the Cowboy bike are the carbon belt, custom-made tires with a puncture protection layer and the detachable battery.
Cowboy bikes are also connected bikes thanks to some electronic components. For instance, you can lock your bike when you’re not using it. The company is currently testing auto-unlock, a feature that takes advantage of Bluetooth Low Energy to detect your phone.
By combining data from the accelerometer, the speed of the bike and your pedal power, Cowboy will also soon automatically detect crash and notify an emergency contact.
In addition to designing a bike, Cowboy is also a service company. It has built a network of repair partners and offers test rides to potential clients. It is now available in dozens of European cities.