As VC-backed e-bike startups went bankrupt, bootstrapped Lectric grew
Key takeaways
- Together, Lectric has put about $10 million toward these initiatives, CEO Levi Conlow told Tech Crunch.
- Others might be pulling back, or raising money, we re actually deploying and investing into initiatives like this, he said.
- It may seem like an odd time to launch an e-bike brand, let alone three.
Lectric e Bikes, a Phoenix, Arizona-based company known for its practical and affordable XP series electric bikes, has launched three new brands so far this year — a Juiced Bikes relaunch, a new Juiced Powersports brand, and now a premium adventure brand called Monarc — an expansion strategy that runs counter to the wave of bankruptcies that have plagued the sector.
Together, Lectric has put about $10 million toward these initiatives, CEO Levi Conlow told Tech Crunch.
Others might be pulling back, or raising money, we re actually deploying and investing into initiatives like this, he said. I actually don t think the market is saturated right now; Lectric last month had its biggest sales month in our company s existence and we sold almost 30,000 bikes. I m not sure anybody has done that before, even at like peak COVID.