This funding comes on the heels of a previous $150 million investment the company announced in February of this year, marking investors’ confidence in the company’s leadership position and the enormous role for ebikes as a climate solution
SEATTLE — Rad Power Bikes™, North America’s largest ebike company, today announced $154 million in funding from existing investors to supercharge its global efforts to get more people out of cars and onto electric bikes.
This funding will be used to boost investments in product and technology innovation, accelerate the company’s omni-channel sales and support channels, and diversify manufacturing and supply chains, including investments in North American and European production.
“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,” said Mike Radenbaugh, CEO and Founder, Rad Power Bikes. “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.”
“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,” said Andrew Davis, Director of Private Investments at T. Rowe Price. “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.”
With its community of riders growing rapidly, Rad Power Bikes is expanding its physical footprint for those who need service or want to shop in person. This funding will accelerate the expansion of Rad Mobile Service and Rad Retail Stores, tripling the number of physical locations by the end of 2022.
In 2021, the company opened multiple new distribution centers, and by year’s end will have tripled capacity to deliver bikes and accessories to more customers within a week or less of ordering in North America. Rad Power Bikes will use this investment to continue increasing and strengthening its logistics and fulfillment capabilities, including new distribution centers in the U.S, Canada, U.K. and Europe.
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.