Rad Power Bikes To Open More Retail Stores

New $25 million funding round fuels expansion.

Rad Power Bikes Seattle Showroom
Rad Power’s opened a retail store at its Seattle headquarters last May.Rad Power Bikes

Consumer-direct ebike brand Rad Power Bikes plans to open more company-owned retail stores and expand its mobile service following the successful closing of a $25 million funding round led by Vulcan Capital and Durable Capital Partners LP.

Rad Power currently has three retail showrooms in Vancouver, British Columbia; Utrecht, Netherlands; and at the company’s headquarters in Seattle, Washington. The company also has offices in Vancouver and Utrecht. A fourth store in Austin, Texas, is already planned.

In addition to brick-and-mortar locations, Rad Power is also experimenting with alternative retail models, including pop-up stores.

“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 Mike Radenbaugh, Rad Power Bikes’ founder and CEO. “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.”

Leading the investment is Stuart Nagae, director at Vulcan Capital and an early Rad Power Bikes customer. “Rad Power Bikes is the market leader in electric bikes, bootstrapping its way to a profitable business,” he said. “This additional capital will enable the company to broaden its market, accelerate growth, and continue to deliver the exceptional experience today’s customers expect.”

Henry Ellenbogen, founder and CIO at Durable Capital Partners LP, is also a lead investor in this round. “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,” Ellenbogen said. “As demand for new and affordable solutions in the micromobility and electric vehicle sector advances, this investment will accelerate Rad Power Bikes’ continued growth.”