Home Business NewsBusinessBusiness Growth News Cowboy raises €23m in funding to build the vehicle of the future

Cowboy raises €23m in funding to build the vehicle of the future

by LLB Finance Reporter
23rd Jul 20 12:51 pm

Cowboy who are a leading manufacturer of the beautifully-designed, connected electric bike, today announces the completion of its Series B funding round, totalling €23M.

Leading the round is Exor Seeds, the early stage investment arm of Exor, controlling shareholder of Ferrari and FCA, HCVC, and Isomer Capital, joined by Future Positive Capital and Index Ventures, each of whom are known to support entrepreneurship and impact innovation in Europe.

Freeing cities from cars through design & technology

Adrien Roose, Co-Founder & CEO said, “We’re thrilled about this raise. It was important that we attract such a diverse group of world-class investors with a track record in supporting excellence in design and technology as we become the one-stop-shop in urban mobility.

“What has always set us apart is our focus on design, hardware and software development, and a complete service offering, appealing to an audience that may not have considered an e-bike before. With these funds we will continue to grow our team, our product, and our retail and service footprint across Europe.”

He added, “The last three years have seen Cowboy go from an idea of reimagining the electric bike to become a desired brand with a devoted community within the mobility space. We’ve stayed true to our initial vision of providing a better alternative to the car—a shift we will now accelerate and lead.”

To deliver on this vision and enable a transition from cars to bikes within cities, Cowboy plans to recruit 30+ new talent in the next six months, scale operations, and expand its footprint across Europe through its Test Ride and Mobile Service networks.

Noam Ohana, who heads Exor Seeds said, “We’re excited to partner with Cowboy in their mission to bring sustainable transportation to our city streets with beautifully-designed, customer-centric e-bikes. We are witnessing an urban transformation as more bike lanes and other environmentally-forward policies open up our cities to alternative forms of mobility, in which we believe Cowboy will play a key part.”

The time is now

Cowboy has recognised this transformation happening in cities around the world—from devoting space almost entirely to the car to giving it back to the people, no longer relegated to the margins along the streets but now front and centre. Consequently, bike sales are booming, cyclist and pedestrian pilot programs are becoming permanent solutions, and city dwellers are choosing bikes as the way to move through their daily lives.

Despite challenging economic headwinds that have been a consequence of this dynamic, Cowboy has realised significant sales growth and resilience as more people turn toward e-bikes as the fast, safe and fun way to move around their city. The launch of the new Cowboy 3 model last month was met with massive demand, demonstrating wide appeal for a well-designed bike with innovative technology at its heart. The Cowboy 3 has garnered recognition for its removable battery integrated into the frame and its intuitive automatic transmission. Other defining features include a carbon fibre belt, Auto Unlock, Theft Alert, Crash Detection, which offer riders a true connected product and service experience—from the first kick of the bike to every kilometre ridden.

Cowboy ridership has shown no signs of slowing down. In fact, Cowboy riders cycled further distances and longer durations during and after lockdown, moving at an average speed of 15.2 km/h and outpacing cars in most major cities and saving CO2 along the way.

Opportunity for future impact

Sofia Hmich of Future Positive Capital looked specifically at the potential for impact Cowboy can have on cities and mobility. “The time for Cowboy is now,” Sofia said.

“More than a bike, they’re providing a convenient, efficient, and healthy way of life. We’re proud to support them, especially in the development of new sustainability initiatives.”

Cowboy has already made progress in sustainability as it looks to grow as an impact business, aligning profit with city and civic impact. Measures include: returning bike assembly to Europe, automating many aspects of production, and developing a circular initiative.

Chris Wade of Isomer Capital added, “Co-investing with our portfolio Venture Capital Funds, in this case HCVC, into their most-promising companies is a core part of our strategy. We have been following Adrien and Cowboy for some time, and the traction and ambition of the company to be the definitive choice for the modern city dweller is world class.”

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