Cowboy crowdfunding

Cowboy is very interesting. Looks to be a great team and they have Index Ventures and Tiger Global on board.

Based in Europe is a strength as well in my opinion. We’re a bit behind the US on the e-bikes/e-scooters

Edit: Pitchbook Profile for Cowboy. Anyone know how to embed PDF’s it seems its download link only this PDF

e0b4361e-0801-4d36-981a-edd741d845f8.pdf (255.1 KB)

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Thanks so much for the latest update… your updates are always fantastic and greatly appreciated.

Any idea on Cowboy valuation? I couldn’t see it in pitchdeck or the emails I’ve received from them however you’ve mentioned it as a reason not to invest indicating it may be higher than 8x revenue?

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Cowboy looks like a great opportunity. Looking forward to the app capabilities they’re planning to implement. I feel if you own a peloton there’s a good chance you would want a cowboy bike. And I’m not even a bike person and I would buy one on first look.

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Thanks for your kind words Lee! I really do appreciate them! Expect more exciting raises on the horizon :eyes:

Sorry, that part’s not terribly clear. I don’t know Cowboy’s valuation as yet sorry, but If I find out tomorrow in Cowboy’s Q&A tomorrow i’ll soon let you know. Unless VCs are exercising pre-emption then I believe Cowboy may err on the higher side as the crowd are more tolerant of higher valuations (in my personal experience). For the most part, I placed the revenue multiple comment in the negatives section because I wanted to express that exit valuations won’t be as attractive as that of a software company despite arguably more risk (being hardware) ; e.g. Peloton’s ~8x multiple versus Slack’s ~30x multiple - I feel these figures hold true throughout hardware and SaaS. Just my humble opinion/research, I could be mistaken.

Very interesting indeed! Where VCs are involved, I often like to check the Partner/Associate that made the investment. In Cowboy’s case, that’s Martin Mignot. Whilst researching, I only became more impressed by him- he was Index’s hand in Revolut, Deliveroo, Bird and Blablacar.

There’s a wealth of information on his views on mobility, but as it relates to Cowboy, I think this podcast sums it best (skip to 20:35): https://micromobility.io/podcast/40-investing-in-micromobility-with-martin-mignot-of-index-ventures

Not quite sure how soon it will be released sorry :c I will say that Crowdcube and Seedrs are coming thick and fast with improvements on their product/engineering side, especially around the secondary market for Seedrs - their CTO once cryptically said “big innovations will come in 2020” - had me thrilled. Crowdcube will soon implement an insights-esque graph and a search function to their portfolio page too, for example.

Also, no news on Revolut as yet i’m afraid!

@neovo @FisherBlack

just my two pennies

I simply dropped them an email about this, and they said “wait for the update email later this month” - which might mean nothing, but I found it very suggestive :joy:

Whilst this is just a calculated guess on my part, I’d honestly put money on them crowdfunding, just a matter of when (if not this year, then some year before exit). I guess the update coming later this month will put us out of our misery :joy:

Additionally though, there’s alot of evidence darted around the community here, here

If you think about it, Monzo have no intention of IPOing for atleast a few years 5 years. Combined with Banking capitalisation requirements, this makes them very thirsty for private working capital. Tom Blomfield, CEO, has expressed disdain for short termist investors here and here, and customers (i.e. crowdfunding)are a form of patient capital, geared towards the long term success of the business.

Monzo are very customer-centric, arguably the most customer-centric bank, perhaps company, ever… They crowdfunded against their investors sentiment in the beginning because they were commited to letting customers share in their success - I just don’t see why they’d stop now.

Sorry if I can’t reply to you all guys btw! :grimacing:

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Any chance of a secondary market on CC at some stage?

Thanks!

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No secondary market anytime soon I am afraid, Luke replied to this question 3 months ago with the following words:

“As a platform, we have been focusing on growing our revenue and the scalability of our core product. We continue to believe in the need for secondary liquidity for investors and are delighted to have given thousands of our investors the opportunity to realise financial returns on their investments by facilitating multiple secondary transactions, which we will continue to do.

However, we took the difficult decision to prioritise transforming our systems, processes and technology to enable us to scale and grow our core business above building a secondary market. This has proven to be the correct decision, which has helped us to materially improve our revenue and develop a firm foundation for future growth without substantially increasing our costs.

We remain steadfast in prioritising how we scale our core product and growing revenue first. Once this changes we will, of course, ensure our investor community is the first to know”

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Does that mean December :eyes:?

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