Rad power bikes laid off 63 employees on the grounds that the company was striving to become a more “self-sustaining enterprise” in the broader economic recession.
The Seattle based electric bicycle company confirmed the cuts to geekwire on Thursday. It did not provide the latest total number of employees or information on which positions were affected, but sent the following statement.
“In the past few months, the global economic outlook has become increasingly uncertain, and our operating costs have risen sharply,” the company said. “In order to survive this challenging period, we are shifting our focus to self-sustaining business. This has led to a reduction in the number of teams, which we strive to avoid, but is necessary to ensure the long-term sustainability of rad electric bicycles.”
Layoff tracking in 2022: regularly updated layoff lists in Seattle and the Northwest Pacific region.
Rad cut 100 jobs in April, which was called “restructuring” at that time. Many start-ups are advised to lay off employees in an effort to reduce costs and extend the cash flow period.
Rad was founded in 2007 and continues to be led by CEO Mike radenbaugh, a former product development director of golfboard. Tycollins, the co-founder of the company, resigned last year.
The start-up raised a total of $304 million last year as part of two separate capital injections to fund its capital intensive business. This ambitious company was valued at about $1.65 billion when it last received funds, making it one of the 16 “unicorn” start-ups in Seattle earlier this year.
Rad’s investors include Fidelity Management Research; Counterpoint global (Morgan Stanley); Vulcan capital; Durable Capital Partners LP； Rise Fund (TPG’s multisectoral global influence investment strategy); And t Funds and accounts recommended by Rowe price associates. Darrell cavens and mark Vadon, CO founders of Blue Nile and zuliliy, also invested in 2019.