From launch to near-collapse.
Who Cowboy is and what has happened to them, from a 2017 launch to a near-collapse and rescue in 2025. Drawn from published reporting and the company’s own statements, with every claim attributed.
Cowboy is a Brussels e-bike company, founded in 2017, that grew quickly on venture funding before hitting the hardest stretch in its life. Its co-founders called 2023 to 2025 “the most challenging period in Cowboy’s history”; after heavy losses, and reported by some outlets to have come close to bankruptcy (Business Story; techbuzz.ai), it was rescued in December 2025 through acquisition by ReBirth Group, the French mobility group behind Peugeot Cycles, Gitane and Solex (Cycling Industry News).
Two things matter for this record. By Cowboy’s own account, its first-ever product recall, the frame defect documented in Report 001, compounded that financial strain. And after the rescue, the new owners said restarting production and clearing the spare-parts backlog was an initial priority, the very thing affected owners had been waiting on, even as Cowboy said its 80,000-plus riders would keep “full support”, with existing bikes “remaining fully operational.” This site, archived in July 2026, documents where that had not matched what owners experienced.
Figures are quoted as reported by the outlet named, not as independent findings of ours. The “most challenging period” update is Cowboy’s own customer email of 14 August 2025, which is held on file.
Founding to acquisition
Adrien Roose, Karim Slaoui and Tanguy Goretti launch Cowboy as a direct-to-consumer maker of connected e-bikes, with automatic motor assistance and a companion app for GPS, ride stats and over-the-air updates.
TechCrunch · Oct 2018An early growth round led by Tiger Global Management, with Index Ventures and Hardware Club also taking part.
TechCrunch · Oct 2018Cowboy raises around €5M, led by Cypress Capital, alongside a Crowdcube campaign, and publicly projects full-year profitability for 2025.
Vestbee · Sep 2024For 2023, the reported figures are revenue of €33.7m (down 17.6% year on year), an operating loss of €19.3m and negative net assets by year end. In 2025 Cowboy issues its first-ever product recall, the frame defect documented here as Report 001; by the company’s own account, the recall compounded the financial strain.
micromobility.io · Aug 2025In a customer update, Cowboy says a signed term sheet sets a path to stability, the first replacement frames have arrived from the supplier, and its first recall hub is operational, funded by new short-term capital.
On file · Cowboy email · 14 Aug 2025ReBirth Group Holding SA, the French mobility group behind Peugeot Cycles, Gitane and Solex, acquires a majority of Cowboy in a recapitalisation reported at around €15M. Founder and chief executive Adrien Roose leaves (Zag Daily). The new owners say restarting production and clearing the spare-parts backlog is an initial priority (Tech.eu).
Cycling Industry News · Dec 2025At the December 2025 acquisition, Cowboy stated that its community of more than 80,000 riders would continue to receive full support, with existing bikes remaining fully operational. This record, archived in July 2026, documents where that had not matched what owners experienced.
Cycling Industry News · Dec 2025