Rad Power Bikes, an ebike manufacturer, announced $154 million in funding from existing investors. 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.
This funding will be used for investments in product and technology innovation, to accelerate the company’s omnichannel sales and support channels, 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 create entirely new categories of ebikes and drives our accessible pricing, inclusive product design and industry-pioneering direct-to-consumer sales and service.”
“We believe that as an industry leader, Rad Power Bikes has a compelling market opportunity to fulfill the potential of ebikes as an effective transportation and mobility solution globally,” said Andrew Davis, director, Private Investments, T. Rowe Price. “In our view, they have the management team, technology strength and operational expertise to succeed over the long term and to play an important role in addressing the world’s current and future climate challenges.”
This funding will also accelerate the expansion of its mobile service and retail stores, tripling the number of physical locations by the end of 2022. It will also use this investment to continue increasing and strengthening its logistics and fulfillment capabilities, including new distribution centers in the U.S, Canada, the U.K. and Europe.
This investment brings the total financing transactions since the company’s founding to over $329 million.
J.P. Morgan acted as sole placement agent on the transaction.
Photo courtesy Rad Power Bikes
