Seattle-based electric bike company Rad Power Bikes has laid off 63 employees, a company spokesperson confirmed to the Business Journal on Thursday.
The cuts follow 100 layoffs in April when Rad Power shuttered its mobile services arm. The company cited an uncertain global economic outlook and higher operating costs as the cause of its layoffs this time around.
"To weather this challenging time we are shifting our focus to become a self-sustaining business. This has resulted in a team reduction which was something we worked hard to avoid, but was necessary to ensure the long-term sustainability of Rad Power Bikes," the company wrote in a statement to the Business Journal.
The two rounds of layoffs come on the heels of an impressive 2021 for Rad Power. The company raised $150 million in February 2021 and $154 million in October. Rad Power had 725 employees in April before the first round of layoffs.
Rad Power, founded in 2007, makes a variety of electric bikes and accessories. At the time of its $154 million round in October, Rad Power said it had more than 350,000 riders in more than 30 countries. The company also has locations in Berkeley, California; Huntington Beach, California; San Diego; Denver; Salt Lake City; Vancouver, British Columbia; and Utrecht, Netherlands.
Rad Power Bikes
Later this year, Rad Power plans to open locations in Brooklyn and St. Petersburg, Florida. The company also has commercial partnerships, such as providing e-bikes to Domino's.
It has been a difficult week for several Seattle companies. Real estate tech startup Flyhomes on Wednesday confirmed the company is letting go of about 20% of its headcount. Logistics company Flexe, meanwhile, on Wednesday said it had laid off "a small handful of employees on the recruiting team" due to adjustments to its hiring plan and being overstaffed.
