Cowboy has completed its Series B funding round, totalling €23 million.
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.
Adrien Roose, co-founder and 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.”
Cowboy is planning to recruit new talent in the next six months, scale operations, and expand its footprint across Europe through its Test Ride and Mobile Service networks. The company previously reported growth in its e-bike sales by 230% from January to April 2020, compared to the same time period last year.
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 launch of the new Cowboy 3 model last month was met with “massive demand” and the model has garnered recognition for its removable battery integrated into the frame and its intuitive automatic transmission. Other features include a carbon fibre belt, auto unlock, theft alert and crash detection.
“The time for Cowboy is now,” said Sofia Hmich of Future Positive Capital. “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.”
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.”
Read the July edition of BikeBiz below: