SEATTLE (BRAIN) — Existing investors are pumping another $154 million into Rad Power Bikes, following a $150 million investment announced in February. Since its inception, Rad Power has received financing totaling $329 million, which it claims makes it the best-funded direct-to-consumer e-bike company in the world.
This round was 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.
The company said the funding will be used to boost investments in product and technology innovation, accelerate the company's omnichannel sales and support channels, and diversify manufacturing and supply chains, including investments in North American and European production.
"I built my first e-bike in my garage 15 years ago. Since then I've been on a mission to get as many people on e-bikes as possible because of the countless ways they improve people's lives," said Mike Radenbaugh, the CEO and founder of Rad Power Bikes. "We believe in practical and utilitarian e-bikes for the masses, which has led us to creating entirely new categories of e-bikes, 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."
The company said the funding will accelerate the expansion of Rad Mobile Service and Rad Retail Stores, tripling the number of physical locations by the end of 2022. The company said it has more than 20 Rad Mobile Service locations and five Rad Retail Stores.
