Cowboy has raised a $26 million (€23 million) Series B funding round from Exor Seeds, HCVC, Isomer Capital, Future Positive Capital and Index Ventures. The startup has been manufacturing premium electric bikes and selling them directly to consumers around Europe.
The company recently released the third generation of its flagship bike, which is all about refinements and iterating on its existing offering. If you haven’t seen one in a European city, it features an iconic triangle-shaped aluminum frame with integrated pill-shaped lights.
With a focus on simplicity, there are no gears or buttons to control motor assistance. The motor kicks in automatically when you start pedaling. Some of the key features of the Cowboy bike are the carbon belt, custom-made tires with a puncture protection layer and the detachable battery.
Cowboy bikes are also connected bikes thanks to some electronic components. For instance, you can lock your bike when you’re not using it. The company is currently testing auto-unlock, a feature that takes advantage of Bluetooth Low Energy to detect your phone.
By combining data from the accelerometer, the speed of the bike and your pedal power, Cowboy will also soon automatically detect a crash and notify an emergency contact.
In addition to designing a bike, Cowboy is also a service company. It has built a network of repair partners and offers test rides to potential clients. It is now available in dozens of European cities.
The company also offers an insurance product thanks to a partnership with Qover. For €8 per month, you can receive real-time notification whenever someone is trying to steal your bike and you’re insured against theft. For €10 per month, you’re also insured against damage.
With today’s funding round, the startup plans to hire more than 30 people in the next six months, expand its network of test rides and scale production operations with Flex.