Rad Power Bikes sells a portfolio of 11 electric bikes worldwide that combine features such as fat tires, large batteries, motors, touchscreens and cargo capacity at prices below many competitors. The company relaunched as a direct-to-consumer business in 2015 after being founded in 2007 and has grown into a large-volume seller with bikes sold in 30 countries. Rad Power has built out online sales, pre- and post-purchase support, retail showrooms, a service-van and a local service partner network. The company reported more than $100 million in sales in 2019, declined to disclose 2020 sales, and CEO Mike Radenbaugh said the company has always been profitable. Rad Power employs about 325 people today, with an R&D team of roughly 35, and plans to double headcount by the end of 2021. The company intends to use new capital to add retail showrooms and service locations, diversify its contract manufacturers, expand accessories, and develop new vehicle categories that blur the lines between e-bikes, scooters, mopeds and automotive products. Rad Power Bikes designs and sells a range of electric bikes focused on power and utility for both personal and commercial use. The company designs all of its products in-house at its Seattle headquarters and operates international offices in Vancouver, British Columbia, and Utrecht, the Netherlands. Founded in 2007, Rad Power Bikes reports more than 100,000 owners across 30 countries and employs about 200 people. Its product lineup and operations support direct sales as well as service offerings. The recent financing will fuel expansion into brick-and-mortar retail locations and growth of mobile service and white-glove delivery offerings. Rad Power Bikes designs and sells feature-rich fat tire, commuter, folding, and cargo e-bikes across consumer and commercial divisions. The company operates throughout the U.S., Canada and in 30 European cities. It is led by Mike Radenbaugh and Ty Collins. Management intends to use new resources for product innovation, inventory, staffing and operations to support growth. The business’s global consumer-direct segment is projected to more than double revenue again in the year and exceed $100 million. The company is focused on accelerating that direct-to-consumer expansion.

Total raised

$175M

Funding rounds

3

Latest round

Equity

Latest activity

Feb 2021