Cowboy, the electric bike designer headquartered in Brussels, has raised 71 million pounds ($95 million) to peddle its expansion in the U.S. and beyond, EU Startups reported.
The round was led by Exor, the Amsterdam-based venture capital fund, HCVC, the Paris financer of startups, and Siam Capital, the Bangkok investment company.
There was also support from Tiger Global, Index Ventures, Eothen, Isomer Opportunities Fund, Future Positive Capital and Triple Point Capital.
“Since day one at Cowboy, we have focused on designing the simplest, most intuitive ride feeling anyone has experienced in an electric bike,” said Karim Slaoui, co-founder and vice president of hardware technologies at Cowboy, in a statement. “Now we can go even further with the technology in the bike and how it pairs with the app for a truly seamless cycling experience for every rider.”
Founded in 2017, Cowboy said it is on track to reach more than 100,000 riders by 2023.
Cowboy operates in Austria, Belgium, Denmark, France, Germany, Italy, Luxembourg, the Netherlands, Spain, Sweden, the U.K. and the U.S. This year will bring more expansion.
A Berlin store is slated to open in February. In May, a shop in Paris is expected to debut.
Competition in Europe for the eScooter market continues to flourish. Startups have capitalized on the trend towards sustainability to lower greenhouse gas emissions and reduce motor traffic congestion in Europe’s densely populated cities.
The pandemic has caused commuters to avoid public transportation and seek alternative transportation, boosting the popularity of shared micro-electric vehicles across the region.
Last year, European eScooter rental players like Voi, Tier and Dott raised millions in venture capital funding to expand their businesses, a clear indication that growth in the market for alternative transportation is not slowing down anytime soon.