Cowboy, a Belgian startup offering connected electric bikes, has raised €1,571,960 through Crowdcube. Around 41 countries participated in the capital round, with Belgium, France, Germany, the United Kingdom, and the Netherlands raising the most money. An estimated half of all investors were between 31 and 50 years old, and a fifth were between 18 and 30.
Last year, they raised $80 million Series C investment from Exor, HCVC, and Siam Capital investors and additional investments from Tiger Global, Index Ventures, Eithon, Isomer Opportunities Fund, Future Positive Capital and Triple Point Capital.
Adrien Roose, co-founder and CEO, expressed his gratitude and excitement, saying, “Since our last crowdfund, the global economic situation has changed significantly, and yet we reached our goal in less than 48 hours. We welcomed 1338 investors worldwide, and our expectations were completely exceeded.” He also added that the funding would be used to drive profitability while developing breakthrough innovations that will be unveiled later this year.
During 2022, Cowboy’s revenue reached €41m and its gross margins returned to pre-pandemic levels with 2.7 times growth year over year. The funding will help the company develop its latest hardware and software as well as invest in quality and customer service.
With its AdaptivePower, crash detection, and anti-theft protection, Cowboy’s software expertise has enabled advancements in security and theft prevention. In December last year, Cowboy became the first e-bike manufacturer to achieve B-corp status, demonstrating its commitment to social and environmental responsibility.
Founded in 2017 by startup entrepreneurs Adrien Roose, Karim Slaoui, and Tanguy Goretti, Cowboy is headquartered in Brussels, Belgium and globally, they have sold more than 50,000 bikes, saving a total of 8.2 million tons of CO2 to date. The Belgian bike manufacture now has customers in more than 2,500 towns and cities across Europe and the US, transforming the bike and mobility industries from point of sale to point of service.
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