Seattle-based e-bike firm, Rad Power Bikes, has raised $150m and is now looking to expand its operations and ‘blur the lines’ between e-bikes and other forms of transport.
With claims to be the US’s largest e-bike brand, Rad Power has produced several models which have impressed us in recent times. The Radrunner is a fun and practical utility bike, while the Radwagon represents an excellent choice as a first e-cargo bike.
The most striking feature of both of these is the price – neither gets anywhere close to £2,000. They’re really, really good value.
This is partly achieved through selling direct-to-consumer – although a proportion of the new investment will go towards expansion of the firm’s local retail and service network, which is due to cover 75% of US customers by the end of the year.
Tech Crunch reports that Rad Power generated $100m in sales in 2019, but hasn’t yet disclosed its 2020 figures.
It says it now has 200,000 riders in more than 30 countries.
“I felt this was a special opportunity because we’re able to accelerate investments into a bunch of areas of the business where we’ve already been experimenting for years and that we found work,” said founder and CEO Mike Radenbaugh.
The firm plans on doubling its 325-person workforce by next year, with emphasis on research and development.
“The core strategy is to continue to develop new vehicle categories,” said Radenbaugh. “So while we’ll still be an e-bike company — and we’re always going to have pedals and it’s always going to have that type of experience — we will continue to create stuff that really blurs the lines between e-bikes and scooters and mopeds and even the automotive industry.”