E-bike startup Cowboy is saved
After a long period of silence, the Belgian e-bike start-up Cowboy has commented on its own situation. Thanks to a new investor, operations are continuing.
It goes on: The Belgian e-bike manufacturer Cowboy has found a new Ivestir.
(Image: Cowboy)
The Belgian e-bike manufacturer Cowboy has averted bankruptcy. According to the manufacturer, it can look back on a positive balance sheet after a difficult period. On the one hand, the company has secured short-term financing to maintain operations and production. Secondly, Cowboy has signed an agreement with a new financial partner, the Rebirth Group, with the support of its current investors and lenders. It is unclear whether Cowboy will remain an independent company in the long term.
“Facing unprecedented challenges”
The company's announcement indicates that it only narrowly avoided insolvency and was only able to be saved by new investor funds. Various circumstances, such as long delivery times and poor communication, suggested that Cowboy had not been doing particularly well in recent months.
The new agreements mark a turning point after the most difficult phase in the company's history, according to Cowboy. The company, like much of the bicycle industry, has faced “unprecedented challenges” over the past two years. Cowboy cites the dwindling interest in bicycles after the boom during the COVID pandemic, as well as supply chain disruptions and “an industry-wide recalibration” as examples of the challenges.
To add to the major challenges, Cowboy had to initiate its first e-bike recall in May. As the reason for this, Cowboy cites “an unauthorized modification by a supplier that affected a subset of the cruiser ST bikes.” Cowboy classified the problem as “serious” and acted quickly. However, it had “added additional stress to an already complex situation.”
Cowboy apologizes and promises to start the replacement program
Due to the critical situation at the company, “some customers experienced delays in deliveries, spare parts, and communication,” says Cowboy. “We are aware of how frustrating this must have been and sincerely apologize,” the company writes.
Cowboy also reports that the first replacement frames have arrived from their supplier and the first “recall center” has been put into operation, “with more cities to follow over the summer,” the company said.
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A company spokesperson explained that the “recall centers” or “recall hubs” are regional logistics warehouses where customers drop off their bikes. Cowboy then delivers the affected bikes to the assembly plant near Paris. Reframing takes place there, and the bike is sent back to the original hub after completion.
Cowboy is not saying how many of these hubs will be opened in Germany. The manufacturer only told heise online that recall centers “will be set up in the most important German cities, with “the exact locations and schedules being communicated directly to affected customers. Our aim is to support drivers and make the process as convenient as possible.”
Aiming for normality by the end of the year thanks to investor
Cowboy also wants to gradually “return to normality” with operations and production thanks to the funding made available at short notice. Cowboy promises to “restore normal operations before the end of the year” in close cooperation with its French partner. This means that the company will deliver ordered bikes again, resolve outstanding cases, and raise the level of service.
The new financial partner is also intended to create long-term stability. The new investor, the e-bike and rental bike system provider Rebirth Group, is a French company with a focus on electromobility. The group has several brands such as Solex, Matra, Easybike, Peugeot (only the bike brand) and Gitane under its umbrella.
The partnership with the Rebirth Group is not entirely new: at the beginning of the year, Cowboy announced that it was moving production from Hungary to France to the manufacturer ReCycles. The ReCycles plant in Romilly-sur-Seine has been part of the Rebirth Group since October 2024.
Unresolved issues
Some questions about Cowboy's future remain unanswered, however, including whether Cowboy will remain an independent company or become a brand of the Rebirth Group. In response to our question in this regard, the Cowboy spokesperson merely replied that further details would be provided in a status update in September.
The company also plans to publish its figures for the 2024 financial year in September, which should have been available by the end of July 2025 at the latest.
Cowboy is therefore not like the Dutch e-bike manufacturer Vanmoof, which had to file for insolvency. This is good news for Cowboy customers and those affected by the framework program.
(afl)
