Rad Power Bikes, which claims to be the largest e-bike provider in North America, has received another $150 million investment. The D2C e-bike brand, founded in 2007, received the amount from an investor conglomerate that includes Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, The Rise Fund, a global impact investing platform managed by TPG, and other funds and accounts advised by T. Rowe Price Associates, Inc. In addition, existing Rad Power investors Durable Capital Partners LP and Vulcan Capital participated. The duo already invested $25 million in Rad Power Bikes in early 2020. In this year’s transaction, J.P. Morgan acted as sole placement agent.
Rad Power Bikes says it will use the new financing to “expand its market leadership, drive innovation and expand its retail and service offerings.” This includes further expansion of its local retail and service network, which is already expected to cover 75 percent of U.S. customers by the end of 2021. The Seattle-based D2C provider says it already dominates the North American e-bike market. The company is also growing rapidly in Europe. With the above investment, the company is in a position to expand its global activities. In total, the supplier already sells its e-bikes in 30 countries around the world.
In addition to its headquarters in Seattle, the U.S. company maintains an international branch in Vancouver, Canada, and a European branch in Utrecht, Netherlands.
