Electric bike startup Cowboy has announced an $80m funding injection as it rides a boom in demand for electrical bikes across Europe.
The new round, led by Exhor, HCVC and Siam capital with backing from firms including prolific tech investor Tiger Global, brings the total capital raised by the firm to $120 million.
Sales for Brussels-based Cowboy, which first launched in the UK in 2019, have surged in the past year and the firm says it is on track to reach over 100,000 riders by 2023.
Adrien Roose, Cowboy Co-Founder & CEO, said the new funding would now be channeled into expanding in the US and developing new products.
He said: “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.”
Sales for Cowboy in the UK rose 90 per cent in 2021 as demand for environmentally friendly urban mobility surged in the past two years.
Cowboy said its UK customers travelled 637,740 km last year (around 39,000 miles) – a 230% increase on 2020.
Sita Chantramonklasri from Siam Capital, one of the lead investors in the round said: “The need for more sustainable modes of transportation has never been more apparent, especially among this era of conscious consumers.”