Belgian ebike maker Cowboy has secured €5 million in funding as it aims to achieve full-year profitability in 2024. The funding round was led by Cypress Capital, a Hong Kong-based venture capital firm with strong ties to Taiwan, a hub of bicycle manufacturing.
Cypress Capital’s investment in Cowboy is strategic, beyond just financial support. Adrien Roose, Cowboy’s founder and CEO, explained that Cypress Capital’s ties to Taiwanese manufacturers would help secure Cowboy’s supply chain. Existing European investors, including Index Ventures, Hardware Club, and Future Positive Capital, also participated in the funding round.
Cowboy will launch its fourth crowdfunding campaign on Crowdcube, allowing the general public to invest in the company. This move follows the success of companies like Revolut, which has tapped into crowdfunding to great success.
To achieve profitability, Cowboy plans to expand its network of third-party dealers. This omnichannel approach is a key part of its strategy. The company has learned from the downfall of Dutch ebike brand VanMoof, which struggled with a direct-to-consumer sales model. Cowboy is also expanding its network of mobile mechanics and investing in aftersales support to keep customers happy.
A McKinsey report predicts that the ebike market will grow significantly in the coming years. With a strong product and expanding sales channels, Cowboy is well-positioned to capitalize on this trend. CEO Adrien Roose believes that ebikes are the best way to move around cities, being greener, faster, cheaper, and healthier.
Belgian ebike maker Cowboy has secured €5 million in funding as they aim to achieve full-year profitability next year. Led by Cypress Capital, a Hong Kong-based VC with strong ties to Taiwan, this strategic investment could be the key to their success.
The funding round is a significant milestone for Cowboy, as they expand their network of third-party dealers and pursue an omnichannel approach. By doing so, they’re learning from the downfall of VanMoof, which struggled with a direct-to-consumer model.
Cowboy’s focus on after-sales service is also crucial, as they aim to keep customers happy and loyal. By expanding their network of mobile mechanics and bringing their call centre back to Brussels, they’re addressing past concerns and committed to providing top-notch support.
Will this investment be enough to secure Cowboy’s place in the growing ebike market? Only time will tell, but one thing is certain – their dedication to style, performance, and customer satisfaction is undeniable.