Seattle’s Rad Power Bikes has raised a USD $150 million funding round from a prestigious group of investors including Morgan Stanley, Fidelity, and Vulcan Capital.
Rad Power Bikes is the largest direct-to-consumer electric bike brand in North America with more than 200,000 owners across 30 countries and a full lineup of ebikes for both personal and commercial use.
“Ebikes will play an important role in the future of mobility, extending far beyond the traditional bike market,” said Sam Chainani, Managing Director, Morgan Stanley Counterpoint Global. “Our partnership with Rad Power Bikes is exciting as this innovative company is rapidly changing the way the world moves. Mike Radenbaugh and his team have already proven the economics of convenient, energy-efficient mobility solutions.”
Founded in 2007, the company has 325 employees spread across offices in Seattle, Vancouver, and Utrecht, in the Netherlands and now plans on doubling their headcount in 2021.
The investment reflects a historic commitment to Rad Power Bikes’ vision of a world where transportation is energy-efficient, enjoyable and accessible to all. Rad Power Bikes will use this new funding to extend its market leadership, drive innovation, and scale retail and service offerings.
In Vancouver, Rad Power Bikes recently opened a new showroom in Mount Pleasant.
“We are thrilled to be working with this group of prestigious investors who are known for successful, long-term investments, and share our vision for the future of mobility,” said Mike Radenbaugh, founder and CEO of Rad Power Bikes.
“Demand for our products has outpaced our wildest projections every year and this partnership is helping us accelerate in-house innovation while creating more of what our customers tell us they love. I can’t wait for everyone to see what we will deliver in 2021 and beyond.”