Home Breaking News E-bikes manufacturer Rad Power Bike raises US$ 150M

E-bikes manufacturer Rad Power Bike raises US$ 150M

Seattle-based electric bike manufacturer, Rad Power Bikes raised US$ 150M on 4 February 2021 due to rising demand for its e-bike.

Investors: Morgan Stanley Counterpoint Global, Fidelity Management & Research Company, The Rise Fund, the global impact investing platform managed by TPG Capital, T. Rowe Price Associates and existing investors Durable Capital Partners and Vulcan Capital.

Purpose of the funding: The funds will be utilized by the company to extend its market leadership, drive innovation, fuel growth and scale its retail and service offerings. It will be opening three showrooms and 11 service stations as well.

About Rad Power Bikes

Rad Power Bikes

Founded in 2015 by Mike Radenbaugh (CEO) and Ty Collins, Rad Power Bikes has a lineup of e-bikes and accessories. All of its products are designed in-house at its Seattle headquarters. The company also has international offices in Vancouver, British Columbia, and Utrecht, the Netherlands. Rad Power Bikes offers customer support as well which includes dedicated pre-and post-purchase customer support, online self-service tools, Rad Retail Showrooms, Rad Mobile Service Vans and its local service partner network.

Rad Power claims that it has a community of over 200,000 riders in more than 30 countries. The company of 325 employees plans to expand its team by the end of 2021 by hiring throughout North America, Europe and Asia.

The pandemic led to a growing interest in bikes as people looked for new ways to travel and exercise. Rad Power claims that its sales grew by almost 300% year-over-year in April 2020. It also delivered a record number of bikes last year. Some of its competitors in the e-bikes market include Priority, Trek, Aventon, Blix, Biktrix, Specialized and the Electric Bike Company among others.

What the CEO has to say: “We were needing to step up to the plate. We did experience challenges, but overall, the team is really proud of the number of people we got into the Rad Power Bikes family,” said Mike Radenbaugh.

What the investors have to say: “Addressing last-mile delivery and short duration travel is critical to decarbonizing transport. Rad Power Bikes has created a premium quality, reliable, and fun solution that improves mobility, reduces greenhouse gas emitting vehicle usage, and encourages healthier living through outdoor activity and exercise,” said Marc Mezvinsky, business unit partner at TPG.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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