Led · Equity · Dec 2025

Cowboy is a Brussels-based e-bike manufacturer best known for its digitally connected urban bicycles that integrate proprietary software, data-driven features and over-the-air updates. The company serves a community of more than 80,000 riders and maintains in-house design, engineering and software teams to iterate on its award-winning hardware-software platform. Following recent operational challenges, Cowboy is partnering with French mobility group ReBirth to leverage its industrial capacity, supply-chain reach and 95 Oxygen/10 Ovelo stores plus 500 independent dealers in France. Production will restart at ReBirth’s French assembly site with a plan to build over 1,500 bikes in January and significantly scale capacity through 2026. The integration is expected to shorten lead times, improve quality control and bolster after-sales support while keeping Cowboy’s brand and R&D independent. Financially, the company has restructured its balance sheet, converted legacy obligations to equity, and secured fresh funding to stabilise operations. These measures aim to restore delivery reliability, expand retail presence—especially in France, currently its fourth-largest market—and move the business toward sustainable profitability.