Belgian e-bike designer Cowboy has raised $80 million in its latest funding round, as the company eyes further US expansion.
Currently available across Europe, including the UK, and in the US, Cowboy raised the $80 million (£59 million) in Series C financing thanks to investors Exor, HCVC, and Siam Capital, with additional funds from Tiger Global, Index Ventures, Eothen, Isomer Opportunities Fund, Future Positive Capital, and Triple Point Capital.
The new cash injection now means Cowboy has raised $120 million in investment and follows the launch of the Cowboy 4 model in May 2021, expansion in the Nordics and the US, and the introduction of the Cowboy Care on-demand repair and maintenance subscription service.
With the new funding, Cowboy plans to continue its US expansions, open two new retail stores in Berlin and Paris in the first half of 2021, increase the size of its team particularly in design and engineering, while also aiming to reach 50% European-produced parts and components.
“Since day one at Cowboy, we have focused on designing the simplest, most intuitive ride feeling anyone has experienced in an electric bike,” said Karim Slaoui, co-founder and VP hardware technologies. “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.”
Last year, Cowboy also launched the 3.0 version of its app, allowing riders to collect stats and share on social media.
“In just over two month’s time since we released the new app, our riders have cycled almost 2.5 million kilometres. They’re riding further and more often – an 8% increase in distance travelled and a 15% increase in moving time,” exclaimed Tanguy Goretti, co-founder and CTO. “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.”
The Cowboy 4, winner of the Red Dot Award in 2021, retails for £2,490 in the UK and includes integrated lights, crash detection, hydraulic disk brakes and up to 70km battery range.