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Seattle-based Rad Power Bikes mades a variety of electric bicycle styles. (Rad Power Bikes Photo)
Seattle-based Rad Power Bikes made more cuts to its workforce in July, the latest in a wave of layoffs that have impacted the well-funded electric-bike startup.
A spokesperson for the company declined to share how many positions were impacted and which departments were part of the reduction.
“Last month, Rad Power Bikes made the difficult decision to reduce our team’s size so we can ensure the brand’s longevity, continue on our mission, and serve our rider community,” the spokesperson said in an emailed statement to GeekWire on Monday. “We have faced the challenges many businesses have, including rising costs and economic headwinds, and this difficult decision was necessary to ensure the long-term sustainability of Rad’s business.”
TechCrunch first reported the news last week, and cited sources who said cuts mostly hit Rad’s product development teams.
It’s the sixth round of layoffs at Rad since 2021. Last July, the company announced that it was pulling out of Europe and would lay off around 40 employees. Rad also shuttered a retail store location in New York City.
Those job cuts followed previous rounds of layoffs in which Rad slashed 100 positions in April 2021 and another 63 cuts in July 2022; its third round of layoffs came in December 2022 and fourth in April of 2023.
According to LinkedIn, Rad employs more than 300 people.
“Rad will continue to provide service and support to our ever-growing Rad community with 7-day-a-week live phone and chat customer service, over 1,200 retail and service providers throughout North America, and in our Rad Retail locations, ensuring our riders can access maintenance and support options whenever needed,” the spokesperson added Monday.
Headquartered in Seattle’s Ballard neighborhood, Rad launched in 2007 and began selling e-bikes directly to consumers through online sales in 2015. It grew into the leading e-bike seller in North America and raised $304 million in 2021. Rad saw big demand amid the pandemic as more people bought e-bikes.
The company was valued at $1.65 billion in October 2021, according to PitchBook, making it one of a handful of “unicorn” startups in the Seattle region at the time.
Rad is led by former Sony exec Phil Molyneux, who replaced co-founder Mike Radenbaugh in 2022.
