Rad Power Bikes has secured a round of private funding from Darrell Cavens and Mark Vadon, Seattle-area entrepreneurs and investors known for building and scaling e-commerce brands such as Zulily.
The investment and partnership will “accelerate the growth” of the global consumer direct business led by Mike Radenbaugh and Ty Collins, which is projected to more than double revenue again this year to exceed $100 million, the brand has claimed.
“Our enthusiastic customers and passionate team have accelerated our bootstrapped business faster than anybody projected, and we are all thrilled to have Darrell and Mark joining the Rad Power Bikes family for the next stages of hyper growth,” said Radenbaugh, co-founder and CEO of Rad Power Bikes. “Learning from their experiences in building disruptive e-commerce brands is helping our team think bigger, scale faster, and create even more value for customers.”
Cavens said: “Our interest in Rad Power Bikes came from their customer first approach – they deliver a great product direct to customers at a more approachable price point than most of the industry. The category has significant potential to impact urban transportation and leisure, and our investment is designed to help fuel that growth.”
“I heard about Rad Power Bikes from multiple friends who were passionate customers. When I met Mike and Ty, I became convinced they had the talent and drive to build an iconic consumer brand, and I wanted to find a way to be involved,” added Vadon.
The terms of the investment are not being disclosed. Cavens and Vadon are both joining the brand as advisors, and Cavens is also being added to Rad Power Bikes’ board of directors.