eBike Company Rad Power Bikes Raises $154 Mn in Funding

Rad Power Bikes™, North America's largest ebike company, announced $154 million in funding from existing investors to supercharge its global efforts to get more people out of cars and onto electric bikes.

October 29, 2021. By News Bureau

Rad Power Bikes™, North America's largest ebike company, announced $154 million in funding from existing investors to supercharge its global efforts to get more people out of cars and onto electric bikes.

This round is led by Fidelity Management & Research Company LLC, with investments from funds and accounts advised by T. Rowe Price Associates, Inc., Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund, TPG's multi-sector global impact investing strategy.

This funding will be used to boost investments in product and technology innovation, accelerate the company's omni-channel sales and support channels, and diversify manufacturing and supply chains, including investments in North American and European production.

"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," said Mike Radenbaugh, CEO and Founder, Rad Power Bikes. 

"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," said Andrew Davis, Director of Private Investments at T. Rowe Price.  

With its community of riders growing rapidly, Rad Power Bikes is expanding its physical footprint for those who need service or want to shop in person. This funding will accelerate the expansion of Rad Mobile Service and Rad Retail Stores, tripling the number of physical locations by the end of 2022.

In 2021, the company opened multiple new distribution centers, and by year's end will have tripled capacity to deliver bikes and accessories to more customers within a week or less of ordering in North America.

Rad Power Bikes will use this investment to continue increasing and strengthening its logistics and fulfillment capabilities, including new distribution centers in the U.S, Canada, U.K. and Europe.

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