July 20, 2024
E-bike maker Cowboy raises new funding spherical and launches AdaptivePower

Brussels-based startup Cowboy has been within the information recently for its cash burn rate. However the firm needs to regulate its narrative once more with some product and enterprise information. Cowboy is launching a brand new function referred to as ‘AdaptivePower’, which mechanically adjusts the ability of the motor relying on the present slope and climate circumstances.

Cowboy’s electrical bikes are fairly simple — there is no such thing as a gear and there aren’t any + and – button to regulate the ability of the motor. The corporate thinks driving a motorbike must be as simple as leaping on the saddle and placing a foot on the peddle.

However that minimalistic strategy has some drawbacks. Whereas the default energy mode works fantastic in most cities, it’s not sufficient in hilly cities like San Francisco.

As a substitute of releasing a brand new bike with gears or buttons, the corporate is leveraging the sensors within the current Cowboy lineup, such because the gyroscope and accelerometer. Whereas these sensors had been initially included for crash and theft detection, they are often leveraged to make the bike smarter. Based mostly on the present torque, pace and different elements, Cowboy mechanically will increase the ability supply of the electrical motor or reduces it.

This function will likely be rolled out to Cowboy’s newest fashions that had been launched a few years in the past — the C4 and its step-through model the C4ST. It is going to be an over-the-air software program replace. As soon as the replace is put in, you’ll be capable of select between the ‘adaptive’ and ‘eco’ choices within the cell app for the motor energy settings.

In different product information, the corporate can be releasing some new colours for the C4ST as you may see within the picture on the backside of this text.

New funding spherical at a decrease valuation

In January 2022, Cowboy introduced an $80 million funding spherical. A bit greater than a yr later, the corporate is elevating extra money. Nevertheless it isn’t disclosing the greenback determine of this new funding spherical.

In fact, issues have modified drastically for tech startups. VC companies aren’t deploying capital as quickly and startup founders typically wrestle to boost their subsequent funding spherical. For a {hardware} firm like Cowboy, provide chain points and inflation additionally had some influence on the corporate’s margins.

A couple of weeks in the past, Cowboy co-founder and CTO Tanguy Goretti mentioned in a spicy LinkedIn post that the corporate was “within the technique of closing a €15M spherical” (that’s $15.8 million at immediately’s alternate charge). From what I’ve heard, Cowboy ended up elevating a bit lower than that, however an fairness crowdfunding half goes to spherical up that spherical.

He additionally added in his LinkedIn submit that this latest funding spherical is a down spherical. The corporate’s whole valuation is down by 44% in comparison with the earlier funding spherical. In different phrases, it’s a protracted and windy highway for Cowboy and the previous few months have been tougher than anticipated.

However the startup’s current traders selected to take a position extra money within the firm, which ought to enhance the corporate’s runway proper earlier than the height season of Cowboy gross sales (between March and October). After some logistics challenges a yr or two in the past, Cowboy’s margins are additionally again to the place they need to be.

With AdaptivePower, Cowboy can now take into consideration different potential autos as properly. As an example, this function would work notably properly with cargo bikes. However there’s nothing to announce on this entrance for now.

“2022 has been our greatest yr ever with €41 million in income and gross sales rising by 2.7x yr over yr,” co-founder and CEO Adrien Roose mentioned in a press release. Cowboy has bought 50,000 since 2018. And 2022 wasn’t so dangerous in any respect as the corporate instructed me it managed to promote 20,000 bikes in a single yr.

The new colors of the Cowboy 4 ST e-bike

Picture Credit: Cowboy