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Cowboy, the Belgian e-bike brand, has raised €1.571.960 in 10 days through the crowdfunding platform Crowdcube.
The initial goal of €1 million was reached in less than 48 hours thanks to participants from across 41 countries, with the most money invested in Belgium, France, Germany, UK and The Netherlands.
More than half of all investors were aged between 31-50, with a fifth of investors coming from the 18-30 age bracket.
Adrien Roose, Cowboy co-founder and CEO, said: “Since our last crowdfund, the global economic situation has shifted significantly, and yet we hit our target in under 48 hours, have welcomed 1338 investors to our community from around the world and completely exceeded our expectations.
“We want to thank our loyal fans in Belgium who continue to support us as we help to put this country’s history of design and manufacturing on a global stage.
“With the backing of our passionate investors, we continue on our path to profitability whilst developing cutting edge innovation that we can’t wait to unveil throughout this year.”
In 2022 Cowboy achieved €41m revenue and 2.7x year on year growth as well as returning to pre-pandemic gross margin levels.
This funding will support the business’s latest hardware and software development as well as continuing to invest in quality and customer service.
Matt Cooper, CEO of Crowdcube, said: “Cowboy has once again demonstrated the strength of their business and products. Their successful community fundraising campaign, with an impressive 1,338 investors and over €1.5 million raised, is a testament to their exceptional leadership and dedication.
“We are honoured to work with such a remarkable team and extend our warmest congratulations on their continued success.”
Read more: HumanForest raises £12 million in Series A funding round
Cowboy’s software expertise has enabled advances in safety and theft features with its crash detection and anti-theft protection. Cowboy also became the first e-bike manufacturer to achieve B-corp status in December last year.
One of Time Magazine’s Best Inventions of 2022, Cowboy’s award-winning e-bikes combine hardware and software.
With over 50,000 bikes sold, the brand’s global community completes more than one million rides per month, saving a combined total of 8.2 million tonnes of CO2 to date.
