Rad Power Bikes Announces $150 Million from Investors
Rad Power Bikes, North America’s largest e-bike brand, recently announced a minority investment of $150 million from Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, The Rise Fund, the global impact investing platform managed by TPG, and funds and accounts advised by T. Rowe Price Associates, Inc.
Existing investors Durable Capital Partners LP and Vulcan Capital also participated in the round.
Rad Power Bikes will use the new funding to extend its market leadership, drive innovation, and scale retail and service offerings. This includes dedicated pre- and postpurchase customer support teams, online self-service tools, Rad Retail Showrooms, Rad Mobile Service Vans and its local service partner network.
The company grew its employee base to 325 in 2020 and plans to double the size of its team by the end of 2021, hiring throughout North America, Europe and Asia.
Since launching its flagship RadRover Electric Fat
Tire Bike in 2015, Rad Power Bikes now offers 11 e-bike models direct to consumer and currently has a community of over 200,000 riders in more than 30 countries along with thousands of commercial operators.
According to a report by The NPD Group, Inc., electricpowered bikes have become an increasingly popular mobility option, with sales growing eightfold since 2014.