Despite having noted that this round of fundraising is smaller than earlier ones, CEO Adrien Roose highlighted the company’s need for less capital as it approaches profitability
Brussels-based electric bike maker Cowboy has closed a strategic €5 million funding round, with €1 million of the total raised through debt facilities. This latest round, led by Hong Kong-based Cypress Capital, aims to strengthen Cowboy’s supply chain and global reach, particularly through Cypress’ strong ties with Taiwan, a major hub for bicycle manufacturing.
The round was also attended by current investors, such as Index Ventures, Hardware Club, Future Positive Capital, Isomer, and Exor. Cowboy will be inviting investors to make investments to the company’s development through the equity crowdfunding campaign, planning to be launched by the company. Despite having noted that this round of fundraising is smaller than earlier ones, CEO Adrien Roose highlighted the company’s need for less capital as it approaches profitability. Cowboy expects generating a profit for the first time in the following year and is on target to reach breakeven on an EBITDA basis in the second half of the present year. Roose explained that the company chose to raise only the necessary amount, particularly due to current market conditions. He mentioned that the company had secured €8 million in equity and €5 million in debt the previous year, emphasizing their intent to avoid raising more than required.
Despite the shrinking size of its recent fundraises, Cowboy remains a leader in the e-bike market, which saw rapid growth during the pandemic, and is now positioning itself for long-term sustainability and profitability.
