Cowboy raises €23 million in Series B funding to build the vehicle of the future.

  • Cowboy is the connected electric bike for urban riders.
  • Investors include Exor Seeds, HCVC, Index Ventures, Tiger Global, Isomer Capital and Future Positive Capital.
  • The funds will fuel expansion of its global team, product offering, retail and service footprint.

Brussels, 23 July 2020 — Cowboy, the leading manufacturer of the beautifully-designed, connected electric bike, today announces the completion of its Series B funding round, totaling €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

He continued, “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 commented, “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

Despite challenging economic headwinds that have been a consequence of this dynamic, Cowboy has realized 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 fiber 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 kilometer 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

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 concluded, “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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