Rad Power Bikes, North America’s largest eBike company, has announced $154 million in funding from existing investors. This investment brings total financing transactions since the inception of the company to over $329 million, the most funding for a direct-to-consumer eBike company to date.
This funding will be used to boost investments in product and technology innovation, accelerate the company’s sales and support channels, and diversify manufacturing and supply chains, including investments in North American and European production.
It will help the company accelerate the expansion of Rad Mobile Service and Rad Retail Stores, tripling the number of physical locations by the end of 2022.
This round is led by Fidelity Management & Research Company LLC, with investments from funds and accounts advised by T. Rowe Price Associates, Inc., Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund, TPG’s multi-sector global impact investing strategy.
Mike Radenbaugh, CEO and Founder, Rad Power Bikes, says: “I built my first ebike in my garage 15 years ago. Since then I’ve been on a mission to get as many people on ebikes as possible because of the countless ways they improve people’s lives,”
He adds: “We believe in practical and utilitarian ebikes for the masses, which has led us to creating entirely new categories of ebikes, and drives our accessible pricing, inclusive product design, and industry-pioneering direct-to-consumer sales and service. This record-breaking investment from some of the world’s most respected late-stage investors accelerates our efforts to redefine transportation and mobility, offering car-replacement solutions to people from all walks of life that are energy efficient, enjoyable and accessible.”
Andrew Davis, Director of Private Investments at T. Rowe Price, comments: “We believe that as an industry leader, Rad Power Bikes has a compelling market opportunity to fulfill the potential of ebikes as an effective transportation and mobility solution globally. In our view, they have the management team, technology strength, and operational expertise to succeed over the long term and to play an important role in addressing the world’s current and future climate challenges.”
Founded in 2007, Rad Power Bikes has a community of more than 350,000 riders in more than 30 countries and thousands of business customers.
The company designs all of its products in-house at its Seattle headquarters and operates international offices in Vancouver, British Columbia, Utrecht, the Netherlands, and has teams in Shanghai, China and Taipei, Taiwan.
Keyword: Rad Power Bikes Becomes The World’s Most Funded Electric Bike Company