Brussels based ebike brand and LEVA-EU member, Cowboy, has raised $80 million in a Series C round of funding. The round is led by Exor, HCVC and Siam Capital, with investments from Tiger Global, Index Ventures, Eothen, Isomer Opportunities Fund, Future Positive Capital and Triple Point Capital.
The new investment takes the total raised to date by Cowboy to $120 million . Although there is no formal valuation of the company published, they confirm that they are on track to reach more than 100,000 riders by 2023.
Recent highlights for the brand include the 2021 launch of the Cowboy 4 in May 2021 achieving record sales for the company, expansion into the Nordic and the North American markets, the recent introduction of their Cowboy Care, on-demand repair and maintenance subscription service, Cowboy 3.0 app, and enhancement of Cowboy Circular, which enables consumers to buy second-hand, certified refurbished Cowboy bikes.
Cowboy’s ambition is to build a complete ecosystem for urban cycling, and current models include the C4, C4 ST and C3.
Sita Chantramonklasri from Siam Capital said: “While global efforts in combating climate change have led to increasing support for the decarbonization of urban mobility, the need for more sustainable modes of transportation has never been more apparent, especially among this era of conscious consumers. By marrying best-in-class hardware, software and subscription services to deliver an elevated experience, Cowboy is uniquely positioned to emerge as a leader in making electric bikes not only accessible but also aspirational. We could not be more thrilled to partner with them as they continue to bring their mission to market,”
“I’m thrilled to welcome Siam Capital onboard along with the renewed support of our investors to accelerate our company growth and product innovation,” shared Adrien Roose, Cowboy Co-Founder & CEO. “With this new capital, we’re bringing our industrial design and technological development in house. This will give us a further competitive edge as the most sought-after electric bike brand.”