While the amount isn’t as impressive as some of Cowboy’s previous fundraises, the company has been looking for an investor outside of the traditional European VC firms that have already invested in the startup — an investor that could potentially open new doors. As a result, Cypress Capital is leading the round. The Hong Kong-based investment firm has strong ties with Taiwan, which is a key hub for the global bicycle industry.

“A lot of our Asian-based suppliers are Taiwanese for historical reasons. We are growing the portion of our European suppliers continuously as we have about half of our parts that come from European suppliers. But the other half comes from Asia and mostly from Taiwanese suppliers,” Cowboy co-founder and CEO Adrien Roose (pictured above right) told TechCrunch.