Cowboy

Cowboy was founded in 2017 in Brussels with a clear idea: to build the most beautiful and connected electric bicycle on the European market. In a segment dominated by functional but aesthetically uninspiring products, Cowboy brings minimalist design, proprietary integrated components (no visible cables, no traditional display), and an app that manages navigation, theft protection, diagnostics, and over-the-air software updates — transforming the bike into a connected object. The product won over enthusiasts and reviewers, but the financial journey has been turbulent. The high proprietary component approach — chosen to guarantee the aesthetic integration that distinguishes Cowboy — made production costs structurally high. In 2024, revenues fell 36% to €21.7 million while operating losses rose to €21 million: figures that led Cowboy to warn about its continuity without new financing. September 2025 brought a turning point: French group Rebirth acquired 80% of Cowboy, investing €15 million to rescue and relaunch the brand. The plan involves adopting more standard components to cut costs by €2 million, targeting a doubling of revenue within two years and break-even by 2027. A story that reflects the structural difficulty of the European premium e-bike segment, where product quality and business model sustainability must find a more careful balance.