Photo by Andrew Hawkins / The Verge

Rad Power Bikes announced that it had raised $154 million from investors as it seeks to grow its e-bike empire in the US and abroad. The company now claims it is the “most funded electric bike company in the world,” a little more than a month after Amsterdam-based VanMoof made the same claim.

For over a year, Rad Power Bikes and VanMoof have been in a neck-and-neck race to raise enough investment cash to help capitalize on the bike boom while also smoothing out the rough edges of their direct-to-consumer business models. Last month, VanMoof announced that it had raised $182 million over two years, with almost 200,000 bikes on the road currently and a five-year goal of getting 10 million people on VanMoof e-bikes.

Now, Rad Power Bikes is…

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