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Feb 5, 2021 - Energy & Environment

Electric bike company lands $150M for expansion

headshot
Seven Rad Power bikes lead to the company's white and orange van.

Photo courtesy of Rad Power Bikes.

The electric bike company Rad Power Bikes has landed $150 million in new funding to expand its operations, including plans to widen its retail and service network.

Driving the news: Funders include Morgan Stanley, Fidelity, the Rise Fund, existing investor Vulcan Capital and others.

  • The Seattle-based company says it's already North America's largest e-bike brand and now plans to quickly grow from the 325 employees it reached last year.
  • The company "plans to double the size of its team by the end of 2021, hiring throughout North America, Europe and Asia," the announcement states.
  • The company did $100 million in sales in 2019 but isn't disclosing its 2020 volumes, TechCrunch reports (and Rad Power Bikes later told me the same thing).

Why it matters: Electric mobility raises the prospect of cleaner transport, though it depends on how much it's replacing driving versus cannibalizing bicycles or walking.

Go deeper: Rad Power Bikes raises $150 million to grow its electric bike empire (The Verge)

Go deeper