Cowboy, the Belgian-based designer of innovative, award-winning electric bikes for urban riders, today announced it has closed €10M in Series A financing. The round, led by Tiger Global Management alongside Index Ventures and Hardware Club, will help the company scale operations and expand into new European markets including The UK, Germany, The Netherlands and France.
Cowboy was founded in January 2017 by three seasoned entrepreneurs with the mission of transforming urban mobility by making beautifully designed, lightweight and user-friendly electric bicycles. The company began offering its products in its home market in April 2018 and hit the €1m milestone in just four months. The additional funding will be used to roll out the product more broadly early next year.
“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,” says Adrien Roose, Cowboy’s co-founder and CEO. “We focused our 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.”
Cowboy’s sleek, intuitive design was an award-winner at the prestigious 2017 EuroBike trade fair, where the bike was cited for its “cool design”, light weight and value for money.
Based in Brussels, Cowboy was founded by Mr. Roose and Karim Slaoui (who formerly co-founded Take Eat Easy, where they were CEO and COO, respectively), and Tanguy Goretti (co-founder and CTO of ridesharing and carpooling startup Djump). Their vision is to spur mass adoption of electric bikes, which will ease congestion and make commuting in Europe’s cities smarter and more enjoyable.
As the adoption of electric transportation escalates globally across demographics from skateboards to scooters, the electric bike market is growing rapidly. In Belgium, 45% of all new bikes purchased are electric, and demand is surging. In Europe alone, 21 million electric bikes are sold annually.
“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,” said Lee Fixel, partner, Tiger Global Management.