It’s no small secret that we at CleanTechnica are big advocates of electric mobility, and micromobility in particular, and that we’re also fans of many of the upstarts and startups in the clean transportation industry, and that some of us just might be Rad Power Bikes fanboys (I love my RadWagon 4), and that we love to see big money starting to flood into disruptive technologies, so it’s with great pleasure that we share the recent news from Rad Power Bikes.
In an investment round led by Fidelity Management & Research Company, Rad Power Bikes landed $154 million dollars in new funding, which comes hot on the heels of a previous $150 million investment in February of this year, making the company now the most-funded electric bike company in the world.
According to the company press release, the money “will be used to boost investments in product and technology innovation, accelerate the company’s omni-channel sales and support channels, and diversify manufacturing and supply chains, including investments in North American and European production.”
The investment includes money from funds and accounts advised by T. Rowe Price Associates, Inc., Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund.
“We believe that as an industry leader, Rad Power Bikes has a compelling market opportunity to fulfill the potential of ebikes as an effective transportation and mobility solution globally. In our view, they have the management team, technology strength, and operational expertise to succeed over the long term and to play an important role in addressing the world’s current and future climate challenges.” – Andrew Davis, Director of Private Investments at T. Rowe Price
If you don’t know any of the background of Rad Power Bikes, it’s somewhat of an iconic entrepreneurship story, as Mike Radenbaugh, the CEO and founder, built his very first e-bike in his garage just 15 years ago, and he says, “Since then I’ve been on a mission to get as many people on ebikes as possible because of the countless ways they improve people’s lives.”
“We believe in practical and utilitarian ebikes for the masses, which has led us to creating entirely new categories of ebikes, and drives our accessible pricing, inclusive product design, and industry-pioneering direct-to-consumer sales and service. This record-breaking investment from some of the world’s most respected late-stage investors accelerates our efforts to redefine transportation and mobility, offering car-replacement solutions to people from all walks of life that are energy efficient, enjoyable and accessible.”
We’ve ridden and reviewed a number of the company’s lineup, from the latest model of the RadCity, to the RadRover, the RadRunner, the RadWagon, and the RadMission, and every single one of them passes muster in real-world uses.
“Replacing cars requires innovative solutions. We obsess over our customers and how our bikes and accessories can best fit into their daily lives and replace car trips. From teens and professionals commuting to school and work, to parents running errands and dropping kids off at school, to retirees discovering the joy of riding again with loved ones, and even our commercial last-mile customers delivering groceries in busy city streets. People worldwide are turning to ebikes over cars, getting exercise and enjoying their commute rather than dreading it — all while feeling great about reducing their emissions.” – Mike Radenbaugh
In my previous writing life for a green lifestyle publication which shall not be named here, I rode and reviewed a number of electric bikes in early days in the industry, when e-bikes were something rather new and odd to most people. I covered the initial crowdfunding campaign of the company’s RadRover model on Indiegogo, as well as the initial launch of the RadWagon back in 2018, which had a ridiculously low price of just $1500 — a price that was significantly lower than just about any other long-tail cargo e-bike on the market at the time.
So when the company announced the launch of the RadWagon 4 in late 2020 at virtually the same price — for an upgraded and better engineered version — I pretty much jumped out of my chair and threw money at them for my very own bike. Since then, I’ve put hundreds of miles on it, hauled hundreds of pounds of groceries and hardware with it, hauled my young kids around on it, and generally just had a blast riding it in general. If you’re considering the purchase of a long-tail cargo e-bike, I highly recommend taking a look at the RadWagon. The price has gone up some since then, but then again, pretty much everything has gone up in price since then, so as far as I’m concerned, the price increase is no big deal.
Image of RadWagon 4 by author.