Ebike maker Cowboy gets cash lifeline to stay on the road

Boutique ebike startup Cowboy says its turned a crucial corner in its bid to get its business back on track.

The company has landed a “short-term,” undisclosed cash injection from “existing investors and a debt provider” to keep production humming. On top of that, it has signed a term sheet with French ebike maker Rebirth Group, a move it says will secure its long-term future.

“These agreements mark a turning point after the most challenging period in the company’s history,” Cowboy said in a press statement.

Cowboy was founded in 2017 by startup entrepreneurs Adrien Roose, Tanguy Goretti, and Karim Slaoui, who sadly passed away in 2023. It quickly became a popular brand among city-dwellers looking for a modern, high-tech ebike for commuting.

Uphill ride

It’s hard to deny the appeal of ebikes – they’re good for your health, good for the climate, and serious fun. But for Cowboy, that appeal hasn’t kept it out of troubled waters.

In recent months, Cowboy has had to recall one of its flagship models over a faulty frame. At the same time, customers report waiting six months or more for their bikes, several key staff appear to have left, and two of its three branded stores have closed.

Despite having raised around €130m in funding to date, Cowboy has accumulated over €43m in debt, as per its 2023 financial records. Moreover, it has failed to reach profitability, as planned, for three years running.

Cowboy blames “unprecedented headwinds” for its struggles, including post-COVID demand shifts and supply chain issues. Then there was the costly recall in May, which “added strain to an already complex situation,” it said.

Cowboy has been hush-hush on the situation for a while now, but today gave its first concrete response.

“Delivering outstanding orders, spare parts, and repairs for customers remains our priority,” a Cowboy spokesperson tells Impact Loop.

Déjà Vu?

Cowboy’s current turmoil feels painfully familiar: a premium e-bike brand making sleek, software-connected bikes, struggling to fulfil orders, burning cash, and disappointing customers. Anyone who followed the rise and fall of Dutch e-bike darling VanMoof will recognise the story all too well.

"It is no secret that Cowboy is facing various challenges. 2025 is a crucial year," Tanguy Goretti, Cowboy’s CEO, recently told Belgian newspaper L'Echo.

Will Cowboy get back in the saddle, or is it heading for the same fate as VanMoof? Either way, we’ll be watching.