Seattle-based e-bike company Rad Power Bikes is laying off about 100 workers as a result of shuttering its mobile services arm, the company confirmed to the Business Journal.
According to a company spokesperson, Rad Power Bikes had 725 employees before the layoffs.
The layoffs come on the heels of a major 2021 for Rad Power Bikes, when the company raised more than $300 million over two rounds, which included participation from investors like Morgan Stanley, Fidelity and T. Rowe Price.
The spokesperson said the company aims to transfer affected employees to one of five new retail locations it's opening this year.
In a statement, Rad Power Bikes said it's restructuring "to bring more focus to our online and retail stores, and meet our customers where they are. We will be closing the majority of our mobile services business and expanding with additional retail store locations."
The spokesperson said the company's five new locations will be in Salt Lake City; Huntington Beach, California; Brooklyn, New York; Dallas; and St. Petersburg, Florida. The company is hiring a total of 125 people to staff the five locations. Rad Power Bikes is partnering with the mobile bike services companies Velofix and Beeline Connect for mobile service moving forward.
Besides its Ballard headquarters, Rad Power Bikes already has four retail locations: Vancouver, British Columbia; Utrecht, Netherlands; San Diego; and Berkeley, California. Rad Power Bikes also partners with commercial clients, including providing e-bikes to Domino's.
Rad Power Bikes was founded in 2007. At the time of its $154 million raise in October, the company said it had over 350,000 riders in over 30 countries. Despite the layoffs, the company has 25 open roles currently listed on its website, including in sales, service and marketing.
