Brussels-based electrical bike maker Cowboy now has a further $80 million in funding to assist gasoline its growth into the US and past. The corporate has raised over $120 million since its founding in 2017, placing it on observe to “attain over 100,000 riders by 2023,” in keeping with a press launch asserting the brand new funding spherical.

The capital injection propels Cowboy into the ranks of a choose few boutique e-bike corporations like Seattle-based Rad Energy and Amsterdam-based VanMoof, who’re using a tidal wave of funding after curiosity in e-bikes exploded globally throughout pandemic lockdowns. In September, VanMoof introduced that it was the “most funded e-bike firm on this planet” with a $128 million funding spherical that introduced its whole funding to over $182 million since its founding in 2009. Rad Energy shortly trumped that with a $154 million announcement a month later, bringing its whole to $329 million raised because the e-bike firm began in 2007.

Whereas these funding numbers are massive, they nonetheless pale compared to business incumbents just like the Dutch behemoth Pon Holdings (proprietor of manufacturers like Gazelle, Cervélo, City Arrow, and Santa Cruz), which bought Canada’s Dorel Industries (proprietor of manufacturers like Cannondale, Schwinn, GT Bicycles, and Mongoose) in October. In doing so, it overtook the Taiwanese big, Large, to change into the largest bicycle and e-bike firm on this planet with €2.5 billion ($2.8 billion) in mixed income. For 2021, Pon reviews delivering greater than 710,000 bicycles, of which greater than 60 % had been electrical.

Nonetheless, right this moment’s announcement by Cowboy is a serious present of assist for the impartial electrical bicycle upstart and may assist gasoline Cowboy’s current growth into the US market with the launch of its wonderful — however dear ($2,990) — Cowboy 4 e-bikes.

Picture: Cowboy

The funding may also assist develop the corporate’s new on-demand Cowboy Care upkeep service, which is at present accessible in 22 cities — 14 within the EU and eight within the US — and prices $20 a month. Cellular restore and upkeep packages that can service your e-bike wherever you want it are costly to arrange and function. They’re additionally more and more vital to direct-to-consumer corporations like Cowboy as they take management of their provide chains with custom-made bicycles that require specialised components and coaching to service. The Care program solely simply launched, however in keeping with Cowboy, buyer satisfaction is “extremely excessive” and a “testomony to service innovation and excellence.” If it will possibly keep that stage of after-purchase assist over time, then it may change into an vital differentiator for the corporate in an business affected by a scarcity of components and frustratingly lengthy restore cycles.

For 2022, Cowboy says it’s investing in 4 development themes: product design excellence, on-demand companies, health, and buyer delight. The corporate says it needs to “totally personal the vital applied sciences and manufacturing processes required to additional scale,” which suggests bringing industrial design and technological improvement in-house and automating manufacturing capabilities with companions.

“Folks deserve to have the ability to transfer freely and to map their very own paths in life,” Cowboy CEO Adrien Roose stated in an announcement. “We consider the electrical bike is the best way ahead for folks and the planet. It’s past thrilling to have this monetary dedication to investing in that future with us.”