Rad Power Bikes, North America’s largest ebike brand, has announced an investment of $150 million. Its new investors include Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company and The Rise Fund, the global impact investing platform managed by TPG.
Rad Power Bikes says it will use this new funding to accelerate the expansion of its local retail and service network which is already slated to cover 75 percent of U.S. customers by the end of 2021.
Since launching its flagship RadRover Electric Fat Tire Bike in 2015, Rad Power Bikes has quickly grown into the largest ebike brand in North America. It now has a community of well over 200,000 riders in more than 30 countries and thousands of commercial operators.
Mike Radenbaugh, founder and CEO of Rad Power Bikes, says: “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. 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.”
Sam Chainani, Managing Director, Morgan Stanley Counterpoint Global, adds: “Ebikes will play an important role in the future of mobility, extending far beyond the traditional bike market. 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 designs all of its products in-house at its Seattle headquarters and operates international offices in Vancouver, British Columbia, and Utrecht, the Netherlands.