Cowboy sold itself to ReBirth Group after a frame recall nearly bankrupted it

Brussels-based maker of direct-to-consumer connected e-bikes with in-house design, engineering and software teams

New undisclosed funding from ReBirth plus €15M ($17.6M) from existing shareholders at closing, to restart production and clear a spare-parts backlog

Cowboy built direct-to-consumer connected e-bikes in Brussels, with in-house design, engineering and software teams, riding the covid-era bike boom that later turned to bust across the bicycle industry.

2025 went badly: delayed deliveries and repairs, then a costly frame recall announced in May, caused by a previous manufacturing partner, brought Cowboy within weeks of bankruptcy, and it took on short-term financing in August just to keep the lights on. Earlier in the year, French manufacturer Re-cycles, part of ReBirth Group Holding, had taken over Cowboy's e-bike assembly operations.

On 18 December 2025 Cowboy closed its acquisition by ReBirth Group Holding, which owns cycling brands Peugeot, Gitane and Solex. Founder and CEO Adrien Roose left the company. ReBirth put in new undisclosed funding and existing shareholders €15M ($17.6M) to restart production and deal with a backlog of spare parts. The Verge called it the end of the independent direct-to-consumer e-bike era.

A frame recall announced in May 2025, caused by a previous manufacturing partner, nearly bankrupted the company.

Short-term financing in August 2025 kept Cowboy alive but did not fix production or the spare-parts backlog.

ReBirth was already responsible for Cowboy's assembly through its Re-cycles unit, making it the natural rescuer.

The deal kept the brand, the Brussels teams and the connected-bike platform alive; independence did not survive.

When a recall drains a hardware startup's cash, selling to the strategic owner already closest to its operations can save the brand — though rarely the founder's seat.

As of 18 December 2025 Cowboy planned 1,500 new bikes in January to clear the backlog, with updated delivery timelines promised to waiting customers within weeks and lead times to shrink considerably by spring 2026. ReBirth CEO Grégory Trébaol called the transaction a new chapter for Cowboy, and Cowboy's digital expertise is to be applied across ReBirth's other brands.