Rad Power closes on $25 million investment, plans more stores

By Steve Frothingham

SEATTLE (BRAIN) — Rad Power Bikes has closed a $25 million funding round led by Vulcan Capital and Durable Capital Partners LP. The company, one of the largest U.S. e-bike suppliers, which sells primarily online, said it will use the funding to support new brick and mortar retail locations around the world, and to expand its mobile service and “white glove” delivery offerings.

Vulcan Capital is the investment arm of Vulcan Inc., the company founded by Microsoft co-founder and philanthropist Paul Allen.

Rad Power currently has one brick-and-mortar showroom, at its headquarters in Seattle. The brand is also part of Velofix Direct, the mobile fulfillment service offered by Velofix.

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

Stuart Nagae, a director at Vulcan Capital, was an early Rad Power Bikes customer and led the investment. “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 …read more

Via:: Bicycle Retailer and Industry News