Feb 5, 2021 - Energy & Environment

Electric bike company lands $150M for expansion

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