November 1, 2021 - Rad Power Bikes, North America’s largest ebike company, announced $154 million in funding from existing investors to supercharge its global efforts to get more people out of cars and onto electric bikes.
This round is led by Fidelity Management & Research Company LLC, with investments from funds and accounts advised by T. 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.
This funding will be used to boost investments in product and technology innovation, accelerate the company’s omni-channel sales and support channels, and diversify manufacturing and supply chains, including investments in North American and European production.
“I built my first ebike in my garage 15 years ago. Since then I’ve been on a mission to get as many people on ebikes as possible because of the countless ways they improve people’s lives,” said Mike Radenbaugh, CEO and Founder, Rad Power Bikes.
“We believe in practical and utilitarian ebikes for the masses, which has led us to creating entirely new categories of ebikes, and drives our accessible pricing, inclusive product design, and industry-pioneering direct-to-consumer sales and service. This record-breaking investment from some of the world’s most respected late-stage investors accelerates our efforts to redefine transportation and mobility, offering car-replacement solutions to people from all walks of life that are energy efficient, enjoyable and accessible.”
Read the full release here.
