Brussels-based Cowboy has raised a €23M Series B funding round from Exor Seeds, HCVC, Isomer Capital, Future Positive Capital and Index Ventures in July 2020.
Capital raised will be used to hire more than 30 people in the next six months, expand its network of test rides and increase production operations with Flex. Flextronics is an American-Singaporean supply chain solutions company that provides design, manufacturing, distribution and aftermarket services to original equipment manufacturers (OEMs).
The startup manufactures first-class electric bikes and sells them directly to consumers around Europe. Cowboy was founded in Brussels in 2017 by entrepreneurs Adrien Roose, Karim Slaoui and Tanguy Goretti.
The company recently released the third generation of its flagship bike in the month of June 2020, Cowboy3 which has a slight update from its existing offering. The company has replaced the rubber and fiberglass belt with a carbon belt which makes it good to go for 30,000 km. The bike features an iconic triangle-shaped aluminum frame with integrated pill-shaped lights. There are no gears or buttons to control motor assistance. The motor starts automatically when you start pedaling. Some of the noticeable features of the Cowboy bike are the carbon belt, custom-made tires with a puncture protection layer and the detachable battery.
Cowboy bikes are also connected bikes due to the presence of some electronic components. You can lock your bike when you’re not using it. The company is presently testing auto-unlock, a feature that takes advantage of Bluetooth Low Energy to detect your phone. It also combines data from the accelerometer, such as the speed of the bike and your pedal power, which helps it to detect a crash and alert an emergency contact.
Apart from designing bikes, Cowboy is also a service company. It has built a grid of repair partners and provides test rides to potential customers. It is now available in multiple European cities. The company also has a partnership with Qover due to which it offers insurance products too. For €8 per month, you can receive a real-time notification whenever someone is trying to steal your bike and you’re insured against robbery. For €10 per month, you’re also insured against damage.
Previously, the startup had raised €4.2M in its crowdfunding campaign on Crowdcube in January 2020. It also raised €3.2M on Crowdcube in December 2019 where it exceeded its original target of €1.4M. Cowboy had also secured €13.2M from Index Ventures, Tiger Global and Hardware Club in its Series A round in autumn 2018.
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