Rad Power® Bikes, North America’s largest e-bike brand, announced a minority investment of $150 million from Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, The Rise Fund, the global impact investing platform managed by TPG, and funds and accounts advised by T. Rowe Price Associates Inc. Existing investors Durable Capital Partners LP and Vulcan Capital also participated in the round.
The investment reflects a historic commitment to Rad Power Bikes’ vision of a world where transportation is energy-efficient, enjoyable and accessible to all. Rad Power Bikes will use the funding to extend its market leadership, drive innovation and scale retail and service offerings.
“Ebikes will play an important role in the future of mobility, extending far beyond the traditional bike market,” said Sam Chainani, Managing Director, Morgan Stanley Counterpoint Global. “Our partnership with Rad Power Bikes is exciting as this innovative company is rapidly changing the way the world moves. Mike Radenbaugh and his team have already proven the economics of convenient, energy-efficient mobility solutions.”
The global micro-mobility market has grown steadily for years as people look for accessible, energy-efficient ways to get around. Electric-powered bikes have become an increasingly popular mobility option, with sales growing eightfold since 2014. Rad Power Bikes has been a driving force behind the ebike market expansion with its high-quality, innovative direct-to-consumer e-bikes.
The company dominates the North American e-bike market and is growing rapidly in Europe. With this investment, Rad Power Bikes is poised to rapidly expand its worldwide operations and rider community.
Rad Power Bikes is elevating expectations of direct-to-consumer brands with an array of service and support options for customers whether it’s their first or 10,000th mile. This includes 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 investment will allow Rad Power Bikes to accelerate the expansion of its local retail and service network which is slated to cover 75 percent of U.S. customers by the end of 2021.
Since launching its flagship RadRover Electric Fat Tire Bike in 2015, Rad Power Bikes now offers 11 e-bike models for everything from commuting to adventuring, and hauling gear, children, or even dinner via commercial partnerships, Rad Power Bikes has a community of more than 200,000 riders in more than 30 countries and thousands of commercial operators.
