Cowboy, the Belgian company behind smart e-bikes, raises 23 million euros in its Series B financing round. The round was led by Exor Seeds, Exor's seed investment division, the main shareholder of Ferrari and FCA, HCVC and Isomer Capital, complemented by Future Positive Capital and Index Ventures, all of whom are renowned for supporting entrepreneurship and innovation with impact in Europe.
To realize that vision and to promote the transition from the car to the bicycle in the cities, Cowboy wants to diversify and grow its team, product and brand. That includes the recruitment of more than 30 new employees in the next six months, the scaling up of production and the further expansion of test drive and mobile maintenance networks in Europe.
Adrien Roose, co-founder and CEO: "We are extremely satisfied with this financing. In our evolution towards the one-stop-shop for urban mobility, it is important that we can count on a diverse group of world-class investors with a strong track record in supporting design and technology. Since our launch, we have made a difference with our focus on design, hardware and software and an extensive range of services. For example, we appeal to an audience that may not have been interested in electric bicycles in the past. The funds will enable us to further develop our team, our product and our sales and service networks in Europe. "
Roose continues: "What started three years ago as an idea to completely transform the e-bike – as we knew it then – has now become a brand with a dedicated community and strong appeal. With Cowboy, we have remained true to our original vision to build a better alternative to the car – an evolution that we are now accelerating and continuing to lead. "
Noam Ohana, Head of Exor Seeds, said: "We are delighted to partner with Cowboy in their mission to bring sustainable transportation to our streets with beautifully designed, customer-oriented e-bikes. We are witnessing an urban transformation as more cycle paths and other environmentally friendly policies open up our cities to alternative forms of mobility, where we believe Cowboy will play an important role. "
Design and technology free the city from the car
Cowboy responds to a changing dynamic in cities all over the world: the space that was previously almost entirely reserved for the car is now returned to the people. As a result, bicycle sales are skyrocketing, experiments with bicycle and pedestrian streets are becoming permanent solutions and more and more city people are choosing the bicycle as a daily means of transport.
Despite challenging economic times, Cowboy's turnover has grown and proved resilient as more and more people choose electric bicycles as a fast, safe and fun solution for mobility in the city. The launch of the new Cowboy 3 model last month was a huge success, testifying to the strong appeal of a well-designed bike with innovative technology.
The Cowboy 3 has received recognition for its removable battery integrated into the frame and its intuitive automatic transmission. Other features include a carbon fiber drive belt, auto unlock, theft detection, accident detection, which together provide the users with a truly connected product and service experience – from the first pedal pedal to every mile driven. reduced. Cowboy users have driven longer and more miles during and after the lockdown than before. At an average speed of 15.2 km / h, they outperform cars in most major cities, while also saving CO2.
Impact on the future
In particular, Sofia Hmich of Future Positive Capital has examined Cowboy's potential impact on the city and its mobility. "The time is now for Cowboy," says Sofia Hmich. "More than a bicycle, Cowboy offers them a convenient, efficient and healthy lifestyle. We are proud to support the company, especially in the development of new sustainable initiatives. "
Cowboy has already made progress in sustainability as it wants to grow as a so-called "Impact Business", where business profit is aligned with a positive impact on the city and society. Some of the measures that will make this possible include the return of bicycle assembly to Europe, the automation of many aspects of production and the development of a circular initiative.
Chris Wade of Isomer Capital concludes: "Investing in the most promising companies with venture capital funds from our portfolio – in this case HCVC – is central to our strategy. We have been following Adrien and Cowboy for some time now, and their commitment and ambition to become the decisive choice for the modern city dweller is world class. "