Cowboy, an electric bike designer, has raised $80 million in Series C funding. Exor, HCVC and Siam Capital led the round with participation from Tiger Global, Index Ventures, Eothen, Isomer Opportunities Fund, Future Positive Capital and Triple Point Capital.
Brussels, 27th January 2022 — Electric bike designer Cowboy today announces an $80 million Series C financing milestone. The round is led by Exor, HCVC and Siam Capital, with investments from Tiger Global, Index Ventures, Eothen, Isomer Opportunities Fund, Future Positive Capital and Triple Point Capital.
This new capital injection, bringing the total raised by Cowboy to $120 million, follows the launch of the Cowboy 4 in May 2021 which garnered record sales, a successful expansion into the Nordics and the U.S., and the recent introduction of Cowboy Care – an industry first, all-inclusive, on-demand repair and maintenance subscription service. New product, market, and service innovation embodies Cowboy’s ambition to build the complete ecosystem for urban cycling loved by its ever-growing rider community and its success last year means its on track to reach over 100,000 riders by 2023.
2021 marked a pivotal year for Cowboy, creating the foundation for rapid global growth. Some of the most notable milestones include:
Expanding U.S. operations
Introducing Cowboy Care, an on-demand, all-inclusive maintenance service
Launching Cowboy app 3.0, featuring ride stats and social sharing, resulting in significant increases in cycling time and distance covered per rider
Enhancing Cowboy Circular, enabling consumers to buy second-hand, certified refurbished Cowboy bikes.
Key initiatives and investments in 2022 and beyond will be structured around four growth themes: product design excellence, on-demand services, fitness and customer delight.
Set the indisputable design standard in urban mobility
Only three years after the launch of its first-ever model, the company has built a reputation for award-winning industrial design and superior engineering performance. Most notably, the Cowboy 4 received the prestigious “Best of the Best” Red Dot Product Design award. Its unique and intuitive ride feeling is powered by an automatic gear-free assistance, which has been praised by the press and quoted by Cowboy riders as a source of urban freedom and pure delight.
In the months and years ahead, Cowboy’s ambition is to push the e-bike engineering boundaries and to fully own the critical technologies and manufacturing processes required to further scale. Significant investments in R&D as well as growing its in-house engineering, industrial design and manufacturing capabilities will remain a central priority.
“Since day one at Cowboy, we have focused on designing the simplest, most intuitive ride feeling anyone has experienced in an electric bike,” stated 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.”