Brussels-based Cowboy, an electric bike company, has closed its €5M funding round, with Cypress Capital as a new strategic investor.
As Cowboy’s first Asian investor, Cypress Capital brings strong ties to Taiwan’s bicycle manufacturing hub, enhancing Cowboy’s global supply chain.
The round also includes support from existing investors, including Index Ventures, Hardware Club, Future Positive Capital, Isomer, and Exor.
The investment round follows the company’s improvements in business performance, including better unit economics and increased margins. It aims to achieve full-year profitability by 2025.
Brief about Cypress Capital
Hong Kong-based Cypress Capital leverages its sector expertise and network to identify and invest in underexploited growth opportunities. It focuses on niche semiconductor players with technological advantages or innovative business models, and digital tech-driven sectors benefiting from industry upgrades.
Speaking on the development, Caren Huang, Portfolio Manager at Cypress Capital, says, “Cowboy is delivering the right product in the right place at the right time.”
“Despite the challenges of a turbulent market, the company has made significant strides by focusing on perfecting hardware design, software upgrades, and business model transformation.”
“Cowboy has demonstrated its resilience and competitive edge in a challenging industry. We are excited to support Cowboy’s mission to become the premium brand in e-mobility,” adds Huang.
Campaign on Crowdcube
Cowboy also announced that it will launch a crowdfunding campaign on Crowdcube on September 9, inviting its global rider community to join its next growth phase.
This follows a “successful” model from previous capital raises, where community participation helped Cowboy raise €8M from 8,000 investors.
Adrien Roose, co-founder and CEO of Cowboy, says, “Our partnership with Cypress Capital marks a very special point in our growth journey. Their investment not only strengthens our ties with Taiwan, the home of bike manufacturing that will help us achieve our ambitious goals.”
“This raise underpins our plans for 2025 and signals the emergence of positive trends in an industry that is expected to grow fivefold by 2035.”
“In a world captivated by apps and chatbots, it’s bold investments in hardware that drive positive change. Just as the AI era depends on chips and data centres, the greener, more flexible future we envision rests on progress in physical infrastructure.
“With new investment, unwavering support from our current investors, the power of the crowd, and continuous innovation, Cowboy is well positioned to lead the category,” adds Roose.
Electric bike for urban riders
Founded in 2017 by Adrien Roose, Karim Slaoui and Tanguy Goretti, Cowboy aims to transform urban mobility with its highly connected electric bikes. Committed to improving bikes, personal well-being, and the environment, Cowboy became the first e-bike maker to achieve B-corp status in 2022.
With customers in over 2,500 European cities, Cowboy remains committed to innovation, which was highlighted by the launch of Cross in March, which has doubled the company’s addressable market.
Its software, including the patented AdaptivePower technology, offers a superior riding experience with no gears or modes. The company’s omnichannel strategy is also progressing, with e-bikes now available in over 250 independent bike shops across Europe and supported by after-sales services.
Additionally, Cowboy has introduced a new trade-in programme with Upway, enhancing accessibility to e-bikes for more people. The company’s global rider community has grown significantly, with riders collectively travelling over 150 million kilometers.
