Belgian e-bike maker Cowboy has closed a €5 million funding round as it targets full-year profitability in 2025.
The investment was led by Hong Kong-based Cypress Capital – Cowboy’s first Asian investor – with financial backing from existing investors including Index Ventures, Hardware Club, Future Positive Capital and Isomer.
Cowboy will use the funds to accelerate growth by enhancing its product offerings, improving its supply chain efficiency, and expanding its customer service capabilities.
“The priority right now is to be in charge of our own destiny as we seek to achieve full year profitability in 2025 and then continue to grow from that platform,” Cowboy Co-Founder and CEO Adrien Roose told Zag Daily.
“This news – in particular the backing of our existing tier-1 investors – is further proof that we have the product, team, ambition and opportunity to now lead this sector.”
According to Adrien, the recent investment will support Cowboy in continuing to innovate while meeting customer demand. The raise comes after what Cowboy claims to be significant improvements to its business performance, with enhanced unit economics and increased margins.
The company has 67,000 active riders across 12 countries, and observes 400,000 hours of riding time on its e-bikes per month.
Earlier this year, Cowboy launched its ‘Cross’ e-bike – one of its most connected models featuring Crash and Theft Detection, Predictive Alerts, and Find My Bike technology.
“We have continued to execute our omnichannel strategy, with our e-bikes now available in more than 250 independent bike shops across Europe, also offering after-sales servicing support.
“We continue to make Cowboy bikes as accessible as possible and are trialling an ultra-convenient trade-in program with Upway and cycle-to-work leasing programs across Europe which currently account for around 20% of our sales.”
Cowboy is also launching a crowdfunding campaign on 9 September.
“Developing cutting edge hardware that solves real world problems is capital intensive and that’s reflected in funds raised to date,” Adrien said. “But the news of this most recent raise shows that we don’t require a huge amount of money to become profitable on a full-year basis in 2025 and to lead the e-bike category.”
