Belgian e-bike manufacturer Cowboy raises €5m to achieve accelerated growth in 2025

Belgian e-bike manufacturer Cowboy, the world's most advanced e-bike, has raised €5 million financing round led by Cypress Capital. This latest round of investment follows significant improvements in Cowboy's business performance, including enhanced unit economics and increased margins. Cowboy aims to achieve full year profitability and accelerated growth in 2025.

Alongside Cypress Capital, Cowboy has secured continued financial backing from its world-class existing investors, including Index Ventures, Hardware Club, Future Positive Capital, Isomer and Exor. This support positions the brand at the forefront of the e-bike industry, which is projected to grow fourfold, reaching an estimated value of €150 billion by 2032.

In addition to this strategic investment, Cowboy will launch a crowdfunding campaign on Crowdcube on September 9th, inviting its highly engaged, global rider community to participate in this exciting next phase of the company's journey. This follows the successful model of previous capital raises, where community involvement has played a key role in Cowboy's success raising €8 million via 8000 crowd investors.

Adrien Roose, Co-founder and CEO, Cowboy: ''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."

Caren Huang, Portfolio Manager, Cypress Capital: "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."

Cowboy has relentlessly focused on its commitment to innovation. In March Cowboy launched Cross, its most versatile ebike to date helping to double the company's total addressable market and already received the GQ Ebike of the Year Award. Cowboy's software expertise continues to set it apart from other competitors, demonstrated by the success of its most recent update to AdaptivePower™, its revolutionary, patented technology that enables the best riding experience on the market with no gears or modes.

Cowboy has also continued to execute its omnichannel strategy, with its ebikes now available in more than 250 independent bike shops across Europe, also offering after-sales servicing support. Cowboy also unveiled its new ultra convenient trade-in program with Upway, demonstrating Cowboy's dedication to bringing the benefits of ebikes to as many people as possible.

Cowboy's rider community continues to grow, with a global community of riders who have now travelled more than 150 million KM. Already this year Cowboy has received the Best of the Best Red Dot Design Award for its Cruiser model and been recognised by Deloitte as one of the fastest growing companies in EMEA.

www.cowboy.com

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