Exor Seeds co-led a $26.7m round for Cowboy that will drive the electric bicycle maker's European expansion efforts.

Belgium-based electric bicycle manufacturer Cowboy completed a €23m ($26.7m) series B round yesterday co-led by Exor Seeds, the early-stage investment arm of diversified holding group Exor.

Venture capital investment platform Isomer Capital co-led the round, while Index Ventures, HCVC, Tiger Global Management and Future Positive Capital also contributed.

Cowboy produces connected e-bikes aimed at an urban demographic. They unlock automatically through a mobile app when the owner approaches, while a dedicated mobile app also provides a theft alert and the ability to track the bike through GPS.

The company is active in Belgium, Austria, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the UK. It will use the money to hire 30 additional staff and scale its operations as it looks to further expand across Europe.

Noam Ohana, managing director of Exor Seeds, said: “We are excited to partner with Cowboy in their mission to bring sustainable transportation to our city streets with beautifully-designed, customer-centric e-bikes.

“We are witnessing an urban transformation as more bike lanes and other environmentally-forward policies open up our cities to alternative forms of mobility, in which we believe Cowboy will play a key part.”

Cowboy raised nearly $4.8m in a equity crowdfunding campaign that closed in December 2019. It had secured $11.5m in an October 2018 series A round led by Tiger Global that included Index Ventures and HCVC (then known as Hardware Club).

Index Ventures had led the company’s $3m seed round six months earlier, with commitments from HCVC, Kima Ventures and assorted angel investors.

Image courtesy of Cowboy.