Cowboy raises $80m as riders switch to electric bikes, brand stores coming

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 – what the brand claims is an “industry first”, all-inclusive, on-demand repair and maintenance subscription service.

Cowboy’s ambition i snow to build a complete ecosystem for urban cycling 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.

“While global efforts in combating climate change have led to increasing support for the decarbonization of urban mobility, the need for more sustainable modes of transportation has never been more apparent, especially among this era of conscious consumers. By marrying best-in-class hardware, software and subscription services to deliver an elevated experience, Cowboy is uniquely positioned to emerge as a leader in making electric bikes not only accessible but also aspirational. We could not be more thrilled to partner with them as they continue to bring their mission to market,” says Sita Chantramonklasri from Siam Capital, one of the lead investors in the round.

“I’m thrilled to welcome Siam Capital onboard along with  the renewed support of our investors to accelerate our company growth and product innovation,” shared Adrien Roose, Cowboy Co-Founder & CEO. “With this new capital, we’re bringing our industrial design and technological development in house. This will give us a further competitive edge as the most sought-after electric bike brand.”

Three years after the launch of its first-ever model, the company has earned a handful of awards for its industrial design. Most notably, the Cowboy 4 received the prestigious “Best of the Best” Red Dot Product Design award. This build 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.

Significant investments in R&D, as well as growing its in-house engineering, industrial design and manufacturing capabilities will remain a central priority with the fresh cash banked.

“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.”

Keep people moving to stay active and fit

E-bikes are already the fastest-selling form of electric vehicle, well ahead of electric cars, and the market is expected to reach a size of over $50bn in just six years. As people look for a smarter means of transportation and a better choice to help combat the climate crisis, there’s also a global health crisis only worsened by the pandemic. Mental health disorders have increased, and the percentage of the overweight adult population in the U.S. reached an all-time high at 74%. Yet more and more people are making the connection between changing the way our bodies move and the positive impact it can have on our minds.

Studies have shown that “the potential for e-bike riders to improve cardiorespiratory fitness was similar to regular bicyclists. After a month, differences in peak oxygen consumption, blood pressure, body composition, and maximal ergometric workload were within 2% for e-bike and regular bicycle riders.”

Cowboy riders use their bike on average nine times per week, typically cycling over 4.5 km with a median caloric burn of 648 calories per week (the equivalent of 90 mn of running at moderate intensity). Since last November, the Cowboy app has offered riders to track their fitness stats, including human power and caloric burn, as well as to compare and compete with the rest of the community. 2022 will see new wellness features with the Cowboy bike becoming the go-to riding coach on the streets today.

“In just over two month’s time since we released the new app, our riders have cycled almost 2.5 million kilometers. They’re riding further and more often – an 8% increase in distance traveled and a 15% increase in moving time,” exclaimed Tanguy Goretti, Co-Founder & 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.”

2022 will see Cowboy further enrich the service and geographical footprint offered through Cowboy Care. Leveraging Cowboy’s technical people, already in 22 cities globally, Cowboy Care covers riders for any required service following the regular use of their bike—ranging from overall bike check-up and cleaning, to parts replacement, all the way to the free repair of a flat tire.

As riders use the app to access services like this and to be guided on the road, Cowboy is at work to accelerate safety, navigation and personalisation innovation even further:

• embedded crash and theft detection, with a 98% successful tracking and 70% retrieval rate
• 3D navigation mapping, offering real-time weather and air quality guidance
• post-ride trip analysis, with speed and elevation gain detail
• community leaderboards, including custom achievement badges

U.S. expansion

With the introduction of Cowboy 4 in America, the place that inspired Cowboy’s namesake, people will soon begin to see the bike on streets all across the country. Brand acceleration is ahead, with the test ride and service network set to grow alongside the rider community.

Retail footprint

Two new retail stores will open in the first half of this year, joining the existing Brussels brand store. Berlin will open its doors in February and Paris will follow in May, offering an immersive physical retail experience.

Sustainable acceleration

As Cowboy strives to become one of the leading brands accelerating the transition to decarbonized mobility, initial efforts include reaching a goal of over 50% of bike parts and components produced in Europe, thus reducing reliance on long distance freight.

“People deserve to be able to move freely and to map their own paths in life,” Adrien affirmed. “We believe the electric bike is the way forward for people and the planet. It’s beyond exciting to have this financial commitment to investing in that future with us.”

For UK focused insight into the surge in e-Bike investment, a November 2021 report from the Urban Transport Group, which represents the UK’s largest urban transport authorities, can be found here.