Rad Power Bikes currently offers a wide range of electric bicycles across 11 unique models.
The company has been growing internally as well, increasing to 325 employees in 2020 and is expecting to double that number by the end of 2021. A new showroom is expected to open in San Diego this spring. Rad Power Bikes tells us that the company expects to have retail and service coverage for 75% of its US customers by the end of 2021. I had the chance to test out the Rad Mobile service myself and was impressed to see how the company managed to bring a bike shop experience right to my driveway. The company’s Rad Mobile service, which uses vans outfitted as nearly full-service bicycle shops, has helped the company assuage service and support worries that typically plague most direct-to-consumer e-bike companies. While the company mostly operates a direct-to-consumer model that has allowed it to offer industry-leading prices unmatched by typical bike shop e-bikes, Rad Power Bikes has spent the last few years increasing its retail and service footprint. Rad Power Bikes is expected to use the new funding to reinvest in maintaining its market dominance through further innovation in new e-bike models as well as by scaling the company’s retail presence and service offerings. I can’t wait for everyone to see what we will deliver in 2021 and beyond.
Demand for our products has outpaced our wildest projections every year, and this partnership is helping us accelerate in-house innovation while creating more of what our customers tell us they love. We are thrilled to be working with this group of prestigious investors who are known for successful, long-term investments, and share our vision for the future of mobility. Rowe Price Associates.Įxisting investors from Rad Power Bikes’ previous funding round Durable Capital Partners LP and Vulcan Capital also participated in the most recent round.Īs founder and CEO Mike Radenbaugh explained in a statement provided to Electrek:
RAD POWER BIKES SAN DIEGO SERIES
The $150 million represents a minority investment from a series of partners including Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, The Rise Fund, the global impact investing platform managed by TPG, and funds and accounts advised by T. But now on the heels of the biggest e-bike boom in history, the company is pulling in its latest funding round at six times the previous figure. This time last year we were talking about Rad Power Bikes landing an impressive $25 million investment.
Sales for 2020 are estimated to have topped 100,000 e-bikes and are growing quickly. Rad Power Bikes is the largest e-bike company in the US. Rad Power Bikes has announced a large funding round that will see $150 million added to the industry-leading electric bicycle company’s coffers.
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