LEVA-EU member Rad Power Bikes acquired $ 25 million (more than €23 million) in funding led by Vulcan Capital and Durable Capital Partners LP. The funding will support new brick and mortar retail locations around the world, along with expansion of the company’s mobile service and white glove delivery offerings.
“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,” says 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 early Rad Power Bikes customer. “Rad Power Bikes is the market leader in electric bikes, bootstrapping its way to a profitable business,” said Nagae. “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. Ellenbogen recognizes Rad Power Bikes’ growth potential after investing in the venture rounds of a number of notable companies in the direct to consumer and technology startup space.