Brussels-based e-bike maker Cowboy has secured short-term financing and signed a term sheet with France’s Rebirth Group, marking a potential turning point after severe operational challenges.
Cowboy, the Belgian e-bike manufacturer, has obtained emergency short-term financing to maintain production and keep operations running. The move follows months of reduced output due to financial strain. The company did not disclose the lender, amount, or terms, promising more details in September.
In parallel, Cowboy has signed a term sheet with France’s Rebirth Group, known for reviving struggling bicycle brands such as Solex, Matra and, most recently, Angell. Rebirth already produces Cowboy bikes and could become a long-term strategic partner.
Founded in 2017, Cowboy has faced a turbulent two years. Supply chain disruptions, shifting post-pandemic demand, and its first-ever recall—triggered by a supplier change that caused some frames to crack—strained finances and damaged customer trust. Delays in deliveries and repairs further frustrated buyers, while its 2024 financial statements remain unpublished.
The company has raised €134 million to date from investors including Index Ventures and Exor Seeds but failed to secure substantial new backing from them this year.
Cowboy plans to use the new funding to restore production to normal levels and address the recall. A dedicated “recall hub” will be set up to replace defective frames. The company says its priority is to resume full operations by year-end, deliver outstanding orders, and rebuild service quality in collaboration with Rebirth.
