Rad Energy Bikes CEO Mike Radenbaugh is stepping down from his place on the Seattle-based e-bike firm.
Rad confirmed to Startup that Radenbaugh is being changed by Phil Molyneux, who was employed as president and COO earlier this yr. Molyneux beforehand was president at Sony Electronics and Dyson America. He was most not too long ago CEO at Wrethink.
Radenbaugh will stay chairman.
“With Phil now main the day-to-day operations, Mike will give attention to e-bike advocacy and innovation. Collectively they’re dedicated to accelerating the e-bike revolution,” Rad mentioned in a press release.
Radenbaugh launched Rad along with his childhood good friend Ty Collins in 2015 once they raised $320,365 in an Indiegogo crowdfunding marketing campaign. Collins stepped down final yr.
Rad has handled layoffs and lawsuits in 2022.
It reduce 100 positions in April and one other 63 workers in July, when it cited an effort to be a extra “self-sustaining enterprise” amid the financial downturn.
The corporate employs practically 500 folks, in line with LinkedIn.
Rad was hit with a wrongful loss of life lawsuit in August, and one other lawsuit associated to property harm final month.
The corporate additionally needed to recall practically 30,000 items as a result of a security problem earlier this month, amid broader issues in regards to the security of e-bikes. Rad acquired 137 reviews of tires blowing out, deflating, and separating from the sidewalls of its RadWagon 4 Electrical Cargo Bike.
Rad raised $304 million final yr as a part of two separate money infusions to gas its capital-intensive enterprise. It was valued at $1.65 billion in October 2021, in line with PitchBook, making it one in all a handful of “unicorn” startups within the Seattle area.
Rad noticed huge demand amid the pandemic as extra folks purchased e-bikes. The corporate can be driving tailwinds from climate-related developments as folks and firms look to decrease their carbon footprint.
The worldwide e-bike market is anticipated to achieve $118.6 billion by 2030, in line with Allied Market Analysis. E-bikes are actually a bigger class than highway bikes primarily based on gross sales income, in line with NPD Group.
Rad’s buyers embrace Constancy Administration & Analysis Firm; Counterpoint World (Morgan Stanley); (Cercano Administration (previously Vulcan Capital); Sturdy Capital Companions LP; The Rise Fund (TPG’s multi-sector world impression investing technique); and funds and accounts suggested by T. Rowe Value Associates. Blue Nile and Zulily co-founders Darrell Cavens and Mark Vadon additionally invested in 2019.