RAD POWER BIKES PLUS

Rad then followed up with two more premium e-bike launches this summer with the $1,999 RadRover 6 Plus and the $1,799 RadCity 5 Plus.Īnd that pace of innovation looks set to continue. The $999 RadMission electric bike became an instant success when it was launched last summer. Mike explained that between its RadMobile service and physical retail stores, Rad Power Bikes would be tripling its physical footprint by the end of 2022.Īll of that investment in growing its manpower and retail presence hasn’t slowed innovation at Rad, with the company launching three new models of e-bikes during the COVID-19 pandemic alone. Rad has led in direct-to-consumer sales via its website, but has steadily invested in growing its retail space too. It’s not just manpower that has grown, but also the company’s physical footprint. We’ll more than double our size this year alone.” “We’ve grown to over 620 people now, and we even have 100 open roles we’re currently filling. And extreme growth has been central to that plan. It’s all part of the Rad’s plan to demonstrate that it’s not just an e-bike company, but an entire transportation solution company, Mike explained to me over the phone. Strategic investments in sustaining and growing that edge have been an important part of keeping e-bikes available and maintaining affordable prices during unprecedented uncertainty in the e-bike industry. With over 350,000 riders so far, the Seattle-based e-bike company leads North America in sales and ridership. Not only has Rad Power Bikes already invested in redundant production in several countries across Asia, but the company has purchased its own supply of shipping containers and even its own shipping vessel to keep its e-bikes flowing into the United States.

RAD POWER BIKES FULL

I pushed Rad Power Bikes founder and CEO Mike Radenbaugh for more details on exactly what that means, but he explained that he wasn’t able to share full details yet on precisely what components could see production in North America or Europe, or exactly where that production would be handled.īut it certainly fits with Rad’s strategy of finding creative solutions to solve the extreme supply chain difficulties being experienced throughout the electric bicycle industry. The company announced that as part of its efforts to diversify its manufacturing and supply chains, it will be investing in North American and European production. While Rad announced that the funding will go toward the usual suspects of product development and further fleshing out its services such as RadMobile at-home assembly/repair service, the most interesting new investment may be adding production outside of Asia. 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. The funding round announced today was led by Fidelity Management & Research Company, with investments from funds and accounts advised by T. Now Rad Power Bikes’ existing investors have decided to double down, effectively throwing more money at the leading electric bicycle company.

The new funding round is Rad’s second this year, following on the heels of the previously record-breaking $150 million investment secured in February. Part of that huge funding round has already been earmarked to invest in North American and European production. Rad announced a massive new funding round today, adding another $154 million to its war chest as the company continues its mission of bringing affordably priced electric bicycles to the masses. Rad Power Bikes isn’t just the largest electric bicycle company in North America, it’s also the most funded.

Rad power bikes