The fate of e-bike brand Cowboy depends on disappointed crowdfunders

The planned takeover of Brussels-based e-bike brand Cowboy is entering a critical phase. The finish line is now in sight, but only if nearly 8,000 small investors agree to see their own contributions go up in smoke.

With their backs against the wall

Cowboy, once an example of Belgian tech ambition, has raised more than €134 million since its inception in 2017. In its peak year of 2022, the brand was valued at €172 million. Now, crowdfunding platform Crowdcube states bluntly: “In the context of this operation, the company is valued at €0,” according to De Tijd.