E-bike startup Cowboy is negotiating a full acquisition by ReBirth Group Holding, just weeks after the Brussels-based investor bailed out the struggling company. The deal, expected to close mid-October, represents another consolidation in the embattled e-bike sector following the pandemic boom-bust cycle that has claimed multiple startups.
The e-bike industry's post-pandemic reckoning just claimed another startup. Cowboy, the Belgian company that once symbolized the sleek future of urban mobility, is now in advanced talks to be acquired by ReBirth Group Holding - the same investor that rescued it from bankruptcy just last month.
"We can confirm that discussions with ReBirth are progressing very positively, and we expect to close the deal mid-October," co-founder Tanguy Goretti told The Verge via email. The admission comes after Le Figaro first reported the acquisition discussions, marking what could be the end of Cowboy's independence.
This wasn't supposed to be how Cowboy's story played out. The company burst onto the scene in 2017 with app-connected e-bikes featuring smart locks and GPS tracking - exactly the kind of tech-forward approach that made investors swoon. The Verge called the Cowboy 2 "the best looking pedal-assisted electric bike with a removable battery," while the Cowboy 3 earned praise for being more focused on safety than flashy features.
Backed by over €100 million in venture funding, Cowboy had ambitious plans to conquer the US market. But like so many venture-backed mobility startups, the company discovered that hardware is hard - especially when supply chains imploded and consumer demand proved fickle.
The warning signs started piling up over the past two years. Reports of delayed deliveries, missed repair appointments, and mounting debt painted a picture of a company struggling to match its premium brand image with operational reality. According to The Verge's reporting, Cowboy burned through €40 million in losses over the past 24 months alone.
That's where ReBirth stepped in. The Brussels-based investment group, which already owns traditional bicycle brands Peugeot Cycles, Gitane, and Solex, provided emergency financing last month to keep Cowboy afloat. The move prevented the company from joining the growing list of bankrupt e-bike brands, including the high-profile collapse of Dutch competitor VanMoof.
