E-bike maker Cowboy joins the exclusive $100 million club

Image: Cowboy

Cowboy has an additional $80 million in funding to help fuel its expansion into the US and beyond. According to a press release announcing the new funding round, the company has raised over 120 million dollars since it was founded.

The capital injection propels Cowboy into the ranks of a select few boutique e-bike companies like Seattle-based Rad Power and Amsterdam-based VanMoof, who are riding a tidal wave of investment after interest in e- bikes exploded globally during the Pandemic. In September, VanMoof announced that it was the most funded e-bike company in the world, with a $128 million investment round that brought its total funding to over $182 million since its founding in 2009. Since the e-bike company started in 2007, it has raised $329 million.

While those investment numbers are big, they still pale in comparison to industry incumbents like the Dutch behemoth Pon Holding, which owns brands like Santa Cruz and Urban Arrow. In doing so, it overtook the Taiwanese giant, Giant, to become the biggest bicycle and e-bike company in the world. More than 60 percent of the 710,000 bicycles delivered by Pon were electric.

Cowboy's announcement today is a major show of support for the independent electric bicycle upstart and should help fuel Cowboy's recent expansion into the US market.

Image: Cowboy

Cowboy Care is an on-demand maintenance service that is currently available in 22 cities and costs $20 a month. It's expensive to set up and operate a mobile repair and maintenance program for your e-bike. They are important to Cowboy as they take control of their supply chains with custom-made bicycles that require specialized parts and training to service. Cowboy says that customer satisfaction is high and that it can maintain that level of excellence.

Cowboy says it will be investing in four growth themes for the year 2022, product design excellence, on-demand services, fitness, and customer delight. The company wants to fully own the critical technologies and manufacturing processes that are required to further scale.

The electric bike is the way forward for people and the planet. It's great to have a financial commitment to investing in the future with us.