- Seattle-based ebike brand Rad Power Bikes announced it has raised $25 million in funding led by Vulcan Capital and Durable Capital Partners LP
Seattle-based ebike brand Rad Power Bikes announced it has raised $25 million in funding led by Vulcan Capital and Durable Capital Partners LP. This round of funding will be used to support new brick and mortar retail locations around the world along with expansion of the company’s mobile service and white glove delivery offerings.
“I’ve been passionate about achieving a future where ebikes are king and transportation is energy efficient, enjoyable and accessible for all since I was 15 years old,” said Rad Power Bikes founder and CEO Mike Radenbaugh. “We found two groups of world class consumer and retail investors who believe in our vision and will help us surprise and delight our customers in new and exciting ways.”
Vulcan Capital director Stuart Nagae led the investment.
“Rad Power Bikes is the market leader in electric bikes, bootstrapping its way to a profitable business,” said Nagae. “This additional capital will enable the company to broaden its market, accelerate growth and continue to deliver the exceptional experience today’s customers expect,” added Nagae.
Henry Ellenbogen, founder and CIO at Durable Capital Partners LP, is also a lead investor in this round. And Ellenbogen knows about Rad Power Bikes’ growth potential after investing in the venture rounds of a number of notable companies in the direct to consumer and technology startup space.
“In just a few years, Mike and his team have used their consumer direct business model to shorten their supply chain and create a tight feedback loop with customers, allowing them to constantly improve their line of ebikes and expand into new markets around the world,” explained Ellenbogen. “As demand for new and affordable solutions in the micromobility and electric vehicle sector advances, this investment will accelerate Rad Power Bikes’ continued growth.”
Currently, Rad Power Bikes is the largest electric bike brand in North America with over 100,000 owners across 30 countries and a full lineup of ebikes packed with power, comfort, and utility for both personal and commercial use. Launched in 2007, the company has 200 employees across its offices in Seattle, Wash., Vancouver, British Columbia, and Utrecht, the Netherlands.
This funding round comes nearly a year after Rad Power Bikes secured a private investment from Darrell Cavens and Mark Vadon, Seattle-area entrepreneurs and co-founders of the e-commerce retailer Zulily. And in connection with the funding, Nagae will also join Rad Power Bikes’ board of directors along with Vadon and Cavens.