Cowboy Electric Bicycles Raise 71 Million Euros

The Belgian company of electric bikes Cowboy receives a new investment of €71 million and aims for 100,000 units by 2023.

In France, over 500,000 electric bikes have found buyers, and Europe could even represent more than 10 million units by 2025. In this rapidly growing market, the keen Cowboy wants to put more and more enthusiasts in the saddle.

Goal: 100,000 electric bikes

In any case, things are off to a good start for the Brussels-based company. It has launched its third investment wave and received $80 million (€71 million). This is the largest to date, led by the funds Exor, HCVC, and Siam Capital, according to Techcrunch.

In July 2020, the company had previously secured another €23 million funding. Cowboy still does not disclose its total capitalization but has generated $120 million (€106 million) in total. That’s huge for a bicycle player, but still below the €161 million generated by the Dutch competitor Vanmoof.

Now, the goal is clear and precise. Cowboy aims to reach 100,000 customers by 2023, six years after its founding. Its sales figures remain secret, after a last reported 5,000 electric bikes sold in 2019 and estimates exceeding 10,000 units for 2020.

A Cowboy 4 at the heart of connected electric bikes

Although the brand only markets one model, it is already in its 4^th generation. The Cowboy 4, revealed in April 2021, is well established in the connected e-bike sector, where rivals include Vanmoof S3, Angell, iWeech, Reine Bike, and Voltaire. Sports brands also want to play a disruptive role. Notable examples include the Decathlon Elops 920E Connect and Intersport Nakamura E-Crossover XV/XA.

Choosing a sleek style without a screen and fully integrated elements with matte paint similar to Vanmoof, it comes in two versions: a traditional frame and an open ST frame. Although without a screen, the electric bike shares all its information via a dedicated support for wireless charging included, through a mobile app. The e-bike is, of course, geolocatable thanks to a GPS tag.

Priced at €2,590, the model is fairly average among competitors. The Cowboy 4 is relatively lightweight at less than 19 kg, with a modest 45 Nm torque motor and offers about 70 km of range with its 360 Wh battery. For those on a tighter budget, the previous Cowboy 3 model remains available at €2,090. Additionally, refurbished units can further reduce the cost through the “Circular” platform to €1,590.

Also read: Niu BQi: a good electric bike for less than €1500?