Investors are betting big on Seattle-based electric bike company Rad Power Bikes.
The company revealed a $154 million funding round Thursday, surpassing the $150 million the company raised in February. According to Rad Power, the funding will go toward product innovation, growing sales and support functions, and expanding its manufacturing and supply chains.
“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,” Mike Radenbaugh, CEO and founder of Rad Power Bikes, said in a news release. “This record-breaking investment from some of the world's most respected late-stage investors accelerates our efforts to redefine transportation and mobility."
Rad Power also plans to grow its reach with the funding. The company aims to triple its physical service and retail locations by the end of 2022. According to the company, it currently has over 20 service locations and five retail locations. Rad Power also seems to be hiring at a rapid pace. There are about 150 open roles listed on the company's website, including positions in customer service, IT, legal, marketing and technology.
Rad Power was founded in 2007 and has its headquarters in Ballard, where it designs all of its products. The company offers more than a dozen models of e-bikes. In addition to Seattle, Rad Power has offices in Vancouver, British Columbia, and Utrecht, the Netherlands, as well as teams in China and Taiwan.
According to Rad Power, the company has more than 350,000 riders in over 30 countries. Rad Power also has commercial partnerships, including a partnership with Domino's Pizza Inc., to provide delivery employees with its bikes.
Fidelity led the round, while T. Rowe Price, Morgan Stanley, Vulcan Capital, Durable Capital Partners and TPG's The Rise Fund all participated.
“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,” Andrew Davis, director of private investments at T. Rowe Price, said in a release. “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.”
