Seattle-based Rad had already established itself as the largest e-bike brand in North America, and reported $100 million in revenue for 2019. That number has surely risen — Rad did not provide an updated metric — and the fresh cash will help Rad triple the number of physical locations by the end of next year (it currently has 20 service stations and five retail stores). The company had 325 employees as of February; its headcount is now 625.

Rad has differentiated from a flurry of e-bike competitors with its direct-to-consumer model, diverse product offering, accessible price points, and more. Its bikes top out at 20 MPH and range from $999 to $1,999, across 11 models.

The company also innovated around its distribution strategy. To combat industry-wide supply chain woes, earlier this year Rad bought 64 containers and worked closely with a logistics partner to charter its cargo into the Port of Everett near Seattle.
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