It’s been a big start to the year for US-based electric bicycle companies seeking large investments. The latest eight-digit funding deal is heading SUPER73’s way and will help the company build upon the massive growth that their moped-style e-bike sales saw in 2020.
Orange County, California-based SUPER73 landed the $20 million investment from Volition Capital, a Boston-based growth equity firm.
SUPER73 is one of the more visible e-bike brands in the US, and has long prided itself on its A-list celebrity and athlete customers, in addition to tens of thousands of riders it has gained over the company’s less than five years of operations. The company regularly hosts riding events around the world and promotes a strong community vibe among its riders, who have embraced the brand as a lifestyle product as much as a transportation device.
Originally launched with a successful Kickstarter campaign, SUPER73 was one of the first companies to embrace the moped-style e-bike with a long bench seat, open mini-bike frame, and extra-wide 20-inch tires.
The e-bike brand saw massive growth in 2020 along with the rest of the e-bike industry, fueled by much of the world seeking socially distant ways to get out of the house and explore their cities on e-bikes.
As SUPER73 cofounder and CEO Legrand Crewse explained:
We have always known that there was something special at SUPER73. It wasn’t just about creating a fun electric bike, it was about building a gateway to unlimited adventure and cultivating a true community. Volition Capital not only saw that same vision but believed in it. Together, we now have a real opportunity to take SUPER73 to the next level and help redefine the electric vehicle industry.
SUPER73 used 2020 to unveil several news models, including the company’s first full suspension 2,000W electric bikes known as the R-Series.
The SUPER73 S2 was also unveiled, updating the classic design that launched the brand years before.
Now SUPER73 is sharing how they plan to use the new windfall to grow the brand.
As the company explained:
SUPER73 grew exponentially last year, but 2021 is the year when that growth will be turned into a sustainable new model of business, with a structure that allows us to compete with the biggest players in the game and achieve our dream of turning this small American start-up into a major player on the global stage. We know that we build a fantastic product backed by an amazing community, but we also know that we have areas where we can rise to meet your expectations.
With the help of Volition and its investment, we will be able to build upon the foundation we have started and make every process surrounding your SUPER73 as enjoyable as the e-bike riding experience is. Every department within SUPER73 is about to get the love and attention it needs.
The three areas of our business most strained by the rapid growth experienced in 2020 were customer service, production, and supply chain. As such, these are the areas where we will most heavily invest and focus on.
SUPER73 isn’t the only company to land a huge investment at the beginning of 2021.
Rad Power Bikes recently announced its own $125-million investment to help it continue expanding operations.
Both SUPER73 and Rad Power Bikes represent some of the largest players in the industry, but smaller e-bike companies are also finding investors lining up with deep pockets. UK-based FuroSystems announced their own new funding round of £750,000 last week.
As investors continue to eye the skyrocketing sales seen in the electric bicycle industry, we fully expect to see more major funding announcements on the horizon.
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Author: Micah Toll
Source: Electrek
