Ballard’s Rad Power Bikes has raised about $150 million in investor funds and plans to globally expand this year.
The electric bike brand was founded in Ballard in 2015 and has been growing since, especially in the last 12 months. 2020 was a big year for the e-bike industry and the locally based Rad Power Bikes saw a spike in both sales and interest.
Under lockdown this past year, people wanted a socially distanced way to feel free, get outside, and exercise. The electric bike seemed to be a solution for this need and Rad Power Bikes saw “demand go through the roof,” said Rad Power Bikes’ spokesperson.
“A light switch flipped on and people saw e-bikes as a way of transportation and not just recreational,” said their spokesperson. The $150 million was a “sign of their confidence and support for this e-bike mobility movement.”
Rad Power Bikes plans to use the $150 million to double their employee headcount, build-out in-person services, and expand their retail and service footprint.
They currently have over 100 open roles to fill across the company from customer service and product support to manufacturing and product research. They plan to open the 4th showroom in San Diego this spring and want to expand their Rad Mobile Service vans that offer repairs, deliveries, and test rides across the country.
Rad Power Bikes is excited to begin expansion plans and start using the funding to propel their electric bike company forward.
Read more about their expansion here.
Photo: Rad Power Bikes