Seattle-based Rad Power Bikes, a well-funded electric-bike startup, made more cuts to its workforce in July, in order to ensure the long-term sustainability of the business. The exact number of positions impacted and which departments were part of the reduction were not disclosed by the company. This was the sixth round of layoffs at Rad since 2021, with previous rounds including 40 layoffs in Europe, 100 in April of 2021, 63 in July of 2022, and subsequent rounds in December 2022 and April 2023. Despite the job cuts, Rad continues to provide service and support to its Rider community through various channels.
Rad Power Bikes, headquartered in Seattle’s Ballard neighborhood, was founded in 2007 and began selling e-bikes directly to consumers through online sales in 2015. It quickly grew into the leading e-bike seller in North America and raised $304 million in 2021. The company saw increased demand during the pandemic as more people turned to e-bikes for transportation and recreation. In October 2021, Rad was valued at $1.65 billion, making it one of the few “unicorn” startups in the Seattle region at the time.
The cuts at Rad Power Bikes primarily affected the product development teams, according to sources cited in a report by TechCrunch. The layoffs were deemed necessary due to rising costs and economic challenges faced by the company. While the spokesperson for Rad acknowledged the difficulty of the decision, they emphasized the importance of ensuring the brand’s longevity and continuing their mission to serve their rider community. Despite the challenges, Rad remains committed to providing service and support to its customers through various channels such as live phone and chat customer service, retail and service providers, and Rad Retail locations.
Rad Power Bikes has undergone several rounds of layoffs since 2021, with the most recent cuts in July being the sixth such occurrence. The layoffs have been part of the company’s efforts to navigate economic challenges and ensure the long-term sustainability of the business. Previous rounds of layoffs included pulling out of Europe, closing retail store locations, and significant reductions in staff. Despite these challenges, Rad remains focused on providing quality service and support to its growing community of Rad riders, ensuring they have access to maintenance and support whenever needed.
Led by former Sony executive Phil Molyneux, who replaced co-founder Mike Radenbaugh in 2022, Rad Power Bikes has been a prominent player in the e-bike industry. The company’s success in selling e-bikes directly to consumers online has contributed to its growth and market dominance in North America. With a valuation of $1.65 billion in 2021 and significant investments, Rad has solidified its position as a key player in the electric bike market. Despite the recent job cuts, Rad remains committed to its mission of providing quality products and support to its loyal customer base.
In conclusion, Rad Power Bikes, a Seattle-based electric bike company, recently made cuts to its workforce as part of ongoing efforts to ensure the long-term sustainability of the business. Despite facing economic challenges and rising costs, the company remains focused on serving its rider community through various support channels. With a history of successful fundraising and market dominance in the e-bike industry, Rad has established itself as a key player in the market. Led by experienced leadership, the company continues to adapt to changing market conditions and challenges to maintain its position as a leader in the e-bike industry.
