Rad Power Bikes, a Seattle, WA-based ebike brand, received a minority investment of $150m.
Backers included Morgan Stanley Counterpoint Global, Fidelity Management & Research Company, The Rise Fund, funds and accounts advised by T. Rowe Price Associates, and existing investors Durable Capital Partners and Vulcan Capital.
The company will use this new funding to extend its market leadership, drive innovation, and scale retail and service offerings.
Founded in 2007 by Mike Radenbaugh, CEO, Rad Power features a lineup of ebikes and accessories. The company designs all of its products in-house at its Seattle headquarters and operates international offices in Vancouver, British Columbia, and Utrecht, the Netherlands. Rad Power Bikes’ service and support options for customers include dedicated pre- and post-purchase customer support teams, online self-service tools, Rad Retail Showrooms, Rad Mobile Service Vans and its local service partner network.
The company has a community of over 200,000 riders in more than 30 countries and thousands of commercial operators and an employee base of 325 with plans to expand its global footprint, and double the size of its team by the end of 2021, hiring throughout North America, Europe and Asia.