Brussels-based e-bike maker Cowboy has secured fresh short-term financing to keep operations running and signed a term sheet with a new investor, ReBirth Group Holding SA, in a move aimed at steering the company out of the most turbulent period in its eight-year history. Existing investors and the company’s debt provider backed the deal, which Cowboy says will underpin its long-term future. (Cowboy has raised roughly €137.5 million to date from backers including Index Ventures, Exor Seeds and Tiger Global.)

The announcement follows a bruising two years for the high-profile e-bike brand, which, like much of the industry was hit by a post-COVID demand slump, supply chain breakdowns, and what co-founder and CEO Adrien Roose describes as “unprecedented headwinds.” Those challenges were compounded by Cowboy’s first-ever product recall, triggered by a supplier’s unapproved change affecting some Cruiser ST models, which led to delays in deliveries, spare parts, and service frustrations the company now openly acknowledges.

Financial snapshot (2023): Revenue €33.7m (-17.6% YoY); operating loss €19.3m (57.4% of revenue, improved from 66.3% in 2022); net loss €21.6m; year-end negative net assets €22.4m and ~€38m in short-term debt. In H1 2023, Cowboy raised €7.8m in equity (including €1.4m via crowdfunding) and €5m in venture debt (TriplePoint Capital, 30-month maturity).

“The past two years have been the most challenging in Cowboy’s history, and we know many of our customers and partners have felt the impact,” Roose said in an exclusive statement to Micromobility Industries, alongside co-founder/CTO Tanguy Goretti.

“The agreement with ReBirth gives us a stronger foundation to make improvements. It’s not a finish line, but an important step that allows us to focus fully on execution and delivering the quality and reliability our riders expect.”

With the new funding, Cowboy says replacement frames have already begun arriving from suppliers, its first recall hub is operational (with more planned for this summer), and production will ramp back up over the coming months. The company aims to restore “normal operations” before year-end.

Founded in 2017, Cowboy quickly became one of Europe’s most celebrated urban mobility startups, winning multiple Red Dot Design Awards and earning a spot on TIME’s “Best Inventions” list in 2022. But like rivals that have struggled post-pandemic, the company now frames the latest agreements as a reset focused on execution and rebuilding trust with riders.

Cowboy plans to share further updates in September.

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