Cowboy, a Belgian electric bike startup, has closed a €10m Series A funding round, providing the financing to bring its innovative product to new European markets.
Cowboy bikes first took to Belgian roads in April 2018, reaching €1m in revenue in four months. Now the startup hopes to supply cyclists in the United Kingdom, Germany, The Netherlands and France with the bikes of the future.
The funding round was led by Tiger Global Management, a hedge fund that has previously scored big on innovative companies like music streaming service Spotify, Indian retailer Flipkart and employer review website Glassdoor.
Following the company’s investment, Tiger Global Management partner Lee Fixel said:
“With superior design, concept and technology, Cowboy has transformed the consumer experience of electric bikes to be super easy, practical and stylish. We look forward to supporting the team as they spread their vision of urban commuting across Europe.”
Among those that participated in the funding round were Uber advisor and CitiVox CEO Oscar Salazar and BlaBlaCar co-founder and CTO Francis Nappez. Thibaud Elziere (eFounders), Bertrand Jelensperger (LaFourchette), Harold Mechelynck (Ogone) and Frederic Potter (Netatmo) also invested.
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What is Cowboy, the innovative electric bike startup?
Cowboy is a Belgian startup hoping to overcome the high costs, poor design and outdated technology that is holding the electric bike market back.
Adrien Roose, Cowboy co-founder and CEO, said:
“We designed the Cowboy bike to appeal specifically to people who are yet to be convinced that electric bikes are a practical and mainstream mode of transport.
“We focused out attention on the three main reasons people are reluctant to purchase electric bikes: high cost, poor design and redundant technology – and then we set about to solve for those issues.”
The result is the Cowboy bike, an electric bike fitted with an intelligence motor-assistance system, with built-in technology that measures speed and torque throughout a journey. The bike is fitted with a live dashboard, navigation system and GPS tracking. Likewise, key metrics are recorded to allow riders to track their statistics through the Cowboy mobile app.
By providing a high-tech, well-designed solution at a low price, the startup hopes to encourage consumers to buy into electric bikes, which they believe would help to ease congestion in major European cities.
Cowboy is certainly pedalling towards its goal – some 45% of new bike purchases in Belgium are electric. Now it will set its final destination further afield, and persuade the rest of Europe to buy into the electric revolution too.