Belgian E-Bike Startup Cowboy Raises €5M, Sets Sights on 2025 Profitability

Belgian e-bike manufacturer Cowboy has recently raised €5 million in funding and is aiming for profitability and accelerated growth by 2025. According to Adrien Roose, Co-Founder and CEO of Cowboy, the funding represents "green shoots for the industry" after a challenging few years. The bicycle and e-bike industry was hit hard by supply chain disruptions during the COVID pandemic, despite an increased interest in cycling. The difficulties of hardware manufacturing became evident when VanMoof, another e-bike manufacturer, went bankrupt in July 2023. In response, Cowboy launched the Bikey app to ensure that VanMoof's riders could continue using their bikes.

The broader industry faces its own hurdles, with Europe’s largest bike manufacturer, Accell Group, grappling with €1.2 billion in debt. Additionally, many bike OEMs ramped up production during the pandemic, leading to a surplus of inventory that has yet to be resolved. Roose remains optimistic, predicting that inventory levels will normalize by the next season and pointing to Cowboy’s survival as evidence of the company’s resilience and adaptability.

The latest funding round was led by Cypress Capital, Cowboy’s first Asian investor, which has strong connections to Taiwan—a key hub for global bicycle manufacturing. Roose emphasized that this strategic partnership strengthens Cowboy's credibility and ability to do business in Taiwan, where half of the world’s bike components are made. Cowboy also received continued support from existing investors, including Index Ventures, Hardware Club, Future Positive Capital, Isomer, and Exor, all of which are aligned with the company’s goal of achieving profitability by 2025.

Roose highlighted the long-term vision of these investors, stating that they recognize e-bikes as a sustainable, fast, and healthy mode of urban transport. To further engage its community, Cowboy plans to launch a crowdfunding campaign on Crowdcube, inviting riders to join the company’s journey. Community involvement has been critical to Cowboy’s growth, with the company having previously raised €8 million from 8,000 crowd investors. Roose reflects on the transparency required in these efforts, describing the initial experience as nerve-wracking but ultimately rewarding.

Cypress Capital Portfolio Manager Caren Huang praised Cowboy's focus on perfecting hardware design, software upgrades, and business model transformation, emphasizing the company’s potential to become a leading premium brand in e-mobility. Cowboy has adopted an omnichannel sales approach, selling e-bikes directly to consumers as well as through partnerships with over 250 independent bike shops across Europe. This shift toward brick-and-mortar retail comes with its own set of challenges, particularly in training staff to handle Cowboy's advanced e-bike specifications.

Circularity is another focus for Cowboy, as seen in its recent launch of a trade-in program with Upway, and continued efforts to expand its subscription and second-hand offerings. In March, the company launched the Cross, its most versatile e-bike to date, doubling its total addressable market and earning the GQ E-Bike of the Year Award. Cowboy’s proprietary technology, such as the AdaptivePower™ feature, continues to distinguish the brand from competitors by offering a smooth riding experience without the need for gears or modes.

As Cowboy’s rider community grows, with over 150 million kilometers traveled globally, the company is investing in new features that enhance safety and social interaction. Roose hinted at upcoming innovations in crash detection and interactive capabilities that will allow riders to build profiles and connect with one another for group rides. According to Roose, the future of mobility depends on advancements in physical infrastructure, and with fresh investment and community support, Cowboy is well-positioned to lead the e-mobility revolution.

While Cowboy remains tight-lipped about its product roadmap, it is clear that the company is committed to continuous innovation, aiming to build not just a product but a platform that connects riders and improves their urban mobility experience.