Electric bike company lands $150M for expansion
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)