The company’s aim is “to collect seven-figure funds in this way in order to lead and advance the micro-mobility revolution throughout Europe and to improve inner-city mobility,” according to the Cowboy founding trio. The Belgians are thus also planning to triple their turnover in 2020.
Even before the start of the public crowdfunding financing round, the provider, who was only founded in 2017, had already secured an investment of $1.3 million (£1 million) from Index Ventures and Hardware Club. This amount will be included in the Crowdcube financing round starting this week.
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In autumn 2018, the startup had already been able to collect an investment of $14.63 million (€13.2 million) from international investors (including Index Ventures, Tiger Global and Hardware Club) in a Series A round.
The first urban e-bike model was sold out last year in Belgium within a very short time. In spring 2019, Cowboy launched the second version of its e-bike. The Belgians thus expanded over the course of the year to Germany, France, the Netherlands, Austria, Spain, Italy, and the United Kingdom. Compared to the previous year 2019, Cowboy “grew fivefold this year.”
In 2019, the newcomer sold over 5,000 e-bikes via D2C business, 40% of them in Germany. With this share, Germany is already the largest cowboy sales market. In 2020, the Belgians want to “sell three times as many bikes in Germany as in the starting year, 2019.” Cowboy bikes have also won numerous awards.
According to the young cowboy makers Adrien Roose (CEO), Karim Slaoui (Head of Engineering) and Tanguy Goretti (CTO), they chose the crowdfunding approach for this financing round because the community plays a central role for them. “We are convinced that change can only take place if we work together on it.”
Therefore, Cowboy first involves its current community of over 45,000 registered users and then the public. “Cowboy fans and the public can invest in the company from a stake of $22 (€20) and turning stakeholders into shareholders.”
“Cowboy’s growth over the past two years has shown that our customers are not just interested in an e-bike. They want to be part of our micro-mobility revolution. Our goal is to reduce the number of cars on the roads and shorten the daily commute time,” said Adrien Roose. “The last few years have shown us that our customers are cowboys out of passion and that they want to be part of our future. Giving them the opportunity to become shareholders is a powerful way for us to change mobility in cities.”
(Featured image by mohamed_hassan via Pixabay)
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in RadMarkt, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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