Rad power bikes raised $150 million.

Sales of electric bikes boomed in 2020, a development propelled by the COVID-19 pandemic and the disruption it brought to the everyday lives of customers.

Rad Power Bikes is now reaping those benefits and leveraging them internationally to double its workforce and size.

On Thursday, the Seattle-based startup said it raised $150 million from institutional investors, including Morgan Stanley’s Counterpoint Global Fund, Fidelity Management & Analysis Firm, TPG’s The Rise Fund global impact investment network, and T. Associates at Rowe Price. Also involved in the round were established investors Durable Capital Partners LP and Vulcan Capital.

The funding round is a confirmation of the business model of Rad Power and its capacity to grow beyond the $100 million in sales it generated in 2019, the largest of a U.S. electric bike start-up. Rad Power Bikes refused to announce its sales figures for 2020.

Rad Power is a direct-to-consumer seller of electric bikes known for delivering durable goods that combine features such as fat tires, large batteries and touchscreen engines, and even cargo-carrying capacity, all at hundreds of dollars below its rivals’ costs.

Initially, the company, which was founded in 2007, was a low-volume custom bike builder. After Rad Power founder and CEO Mike Radenbaugh teamed up with friend Ty Collins and relaunched as a direct-to-consumer company in 2015, that changed.

Via an Indigogo campaign, they sponsored the RadRover Electric Fat Tire bike that year. The company has expanded into a large-volume distributor and today has in its portfolio 11 different bikes, which are distributed in 30 countries.