Cowboy, a leading manufacturer of connected electric bikes has announced the completion of its Series B funding round, totalling €23 million.
Leading the round is Exor Seeds, the early stage investment arm of Exor, controlling shareholder of Ferrari and FCA, HCVC, and Isomer Capital, joined by Future Positive Capital and Index Ventures, each of whom are known to support entrepreneurship and impact innovation in Europe.
Adrien Roose, Co-Founder & CEO, stated: “It was important that we attract such a diverse group of world-class investors with a track record in supporting excellence in design and technology as we become the one-stop-shop in urban mobility.
“What has always set us apart is our focus on design, hardware and software development, and a complete service offering, appealing to an audience that may not have considered an e-bike before. With these funds we will continue to grow our team, our product, and our retail and service footprint across Europe.”
“The last three years have seen Cowboy go from an idea of reimagining the electric bike to become a desired brand with a devoted community within the mobility space. We’ve stayed true to our initial vision of providing a better alternative to the car—a shift we will now accelerate and lead.”
To deliver on this vision and enable a transition from cars to bikes within cities, Cowboy plans to recruit 30+ new talent in the next six months, scale operations, and expand its footprint across Europe through its Test Ride and Mobile Service networks.
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Noam Ohana, who heads Exor Seeds commented, “We’re excited to partner with Cowboy in their mission to bring sustainable transportation to our city streets with beautifully-designed, customer-centric e-bikes.
“We are witnessing an urban transformation as more bike lanes and other environmentally-forward policies open up our cities to alternative forms of mobility, in which we believe Cowboy will play a key part.”
Cowboy has recognised this transformation happening in cities around the world—from devoting space almost entirely to the car to giving it back to the people, no longer relegated to the margins along the streets but now front and centre. Consequently, bike sales are booming, cyclist and pedestrian pilot programs are becoming permanent solutions, and city dwellers are choosing bikes as the way to move through their daily lives.
Sofia Hmich of Future Positive Capital added, “The time for Cowboy is now. More than a bike, they’re providing a convenient, efficient, and healthy way of life. We’re proud to support them, especially in the development of new sustainability initiatives.”
Chris Wade of Isomer Capital said, “Co-investing with our portfolio Venture Capital Funds, in this case HCVC, into their most-promising companies is a core part of our strategy.
“We have been following Adrien and Cowboy for some time, and the traction and ambition of the company to be the definitive choice for the modern city dweller is world class.”