23 Oct 18
News

€10m for Cowboy electric bicycles

Electric bicycles, that’s what the Belgian startup Cowboy is selling, and they’ve already sold more than 1,000 in their first four months. This week, the company secured a $10 million investment in its third fundraising drive, led by Tiger Global Management in New York. The objective: multiplying production by five and expanding into the rest of Europe.

Tiger Global Management, one of the world’s largest hedge funds, has recently invested in technology companies like Spotify, Stripe and Coinbase. Lee Fixel, partner at Tiger Global Management, explains why they chose to invest in a bicycle maker: “With exceptional design and technology, Cowboy has transformed the electric bicycle user experience to something intuitive, practical and stylish.”

The investment will give Cowboy the means required to expand into other European markets. “There is still potential in Belgium but we’re ready to extend our activity outside of our home country,” said co-founder Tanguy Goretti. “To begin with, we’ll open sales points in important cities such as Paris, Berlin, Amsterdam and London.”

According to Cowboy’s founders, 45% of all new bicycles sold in Belgium today are electric and the European market is growing at a rate of 30% each year.

Image source: Cowboy

Authored by: Benjamin Uyttebroeck