Rad Power Bikes today announced $154 million in funding from existing investors to supercharge its global efforts to get more people out of cars and onto electric bikes. This round is led by Fidelity Management & Research Company LLC, with investments 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, TPG's multi-sector global impact investing strategy. This funding 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.

Rad Power Bikes is the largest ebike brand in North America, with a community of more than 350,000 riders in more than 30 countries and thousands of business customers. Founded in 2007, the global consumer-direct company boasts a full lineup of affordable ebikes and accessories that are changing the way people and goods move. The global team of passionate ebike enthusiasts create products and service solutions that are purpose built whether that be for commuting, adventuring, delivery, or hauling kids. The company designs all of its products in-house at its Seattle headquarters and operates international offices in Vancouver, British Columbia, Utrecht, the Netherlands, and has teams in Shanghai, China and Taipei, Taiwan. The company has more than 20 Rad Mobile Service locations and 5 Rad Retail Stores and is expanding rapidly to serve riders across the U.S., Canada and Europe. Recognized by TIME, Fast Company, and INC. as one of the most innovative and influential companies in 2021, Rad Power Bikes is on a mission to build a world where transportation is energy-efficient, enjoyable, and accessible to all.