Photo: Rad Power Bikes
One month after French e-bike maker VanMoof claimed the title of the world’s most funded e-bike company, Rad Power Bikes is coming for the crown. The U.S.-based company has announced a second round of record funding, the second this year, for a total of $304 million.
Rad Power Bikes has been on the market for years, launching through crowdfunding out of San Diego, California. Today, it has physical stores both in Europe and Canada and, while it remains the leading North American e-bike manufacturer, it’s also a very strong presence on other markets. With the second round of funding, of $154 million, it will enforce said presence and diversify part of the supply and production chain.
In other words, everybody wins, from the company itself to the 350,000+ current riders. Investors have doubled down on the original funding, including T. Rowe Price Associates, Inc., Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund. The fresh infusion of capital will go directly toward production and technology innovation.
Put it simply, Rad Power Bikes plans to use the funds to triple the number of physical locations in the next year, move some of the supply and production out of China and into the U.S. and Europe, and add more models to an already very diversified range. Shipping and customer support will be further improved, delivery times shortened, and reliance on China-based suppliers diminished. Rad Power Bikes hopes that 100,000 more riders will join the Rad community by the end of the year, and this high number speaks volumes for the demand for e-bikes right now.
Rad Power Bikes has been on a proverbial roll for a very long time, and particularly over the past couple of years, damaging effects of the ongoing health crisis notwithstanding. This year alone, it put out two new models, Plus versions of older bikes (RadRover 6 Plus and RadCity 5 Plus), and various accessories.
With no signs of demand slacking yet, Mike Radenbaugh, CEO and founder of Rad Power Bikes, is looking at the glass half full: with more e-bikes sold, there will be fewer cars on the road and less pollution and congestion, which has been his goal all along. Everybody wins.
In other words, everybody wins, from the company itself to the 350,000+ current riders. Investors have doubled down on the original funding, including T. Rowe Price Associates, Inc., Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund. The fresh infusion of capital will go directly toward production and technology innovation.
Put it simply, Rad Power Bikes plans to use the funds to triple the number of physical locations in the next year, move some of the supply and production out of China and into the U.S. and Europe, and add more models to an already very diversified range. Shipping and customer support will be further improved, delivery times shortened, and reliance on China-based suppliers diminished. Rad Power Bikes hopes that 100,000 more riders will join the Rad community by the end of the year, and this high number speaks volumes for the demand for e-bikes right now.
Rad Power Bikes has been on a proverbial roll for a very long time, and particularly over the past couple of years, damaging effects of the ongoing health crisis notwithstanding. This year alone, it put out two new models, Plus versions of older bikes (RadRover 6 Plus and RadCity 5 Plus), and various accessories.
With no signs of demand slacking yet, Mike Radenbaugh, CEO and founder of Rad Power Bikes, is looking at the glass half full: with more e-bikes sold, there will be fewer cars on the road and less pollution and congestion, which has been his goal all along. Everybody wins.
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