As VC-backed e-bike startups went bankrupt, bootstrapped Lectric grew
A Phoenix bike shop on a Saturday morning is a cacophony of gears, tires, and the occasional shout of “Watch your head!” as customers test-ride models under the midday sun. Among the bikes on display, one stands out: a sleek, affordable e-bike from Lectric, the brand that’s quietly outpaced the e-bike boom and bust cycle to become a standout in a sector that’s seen more collapse than growth.
Bootstrapping Through a Bustling Market
As venture capital-backed e-bike startups folded under the weight of inventory, debt, and declining consumer demand, Lectric eBikes continued to grow by relying on a different playbook — one that avoided the risks of overreliance on external funding. Unlike companies that burned through cash in pursuit of rapid scaling, Lectric founder and CEO Levi Conlow and co-founder Robby Deziel chose to bootstrap their business, building their brand without outside investment until 2020, when they took a strategic injection from private equity firm Bertram Capital Management.
This approach has allowed Lectric to remain profitable even as the broader sector faced turmoil. In May 2026, the company recorded its biggest sales month ever, selling nearly 30,000 bikes. That’s a stark contrast to the fate of peers like Rad Power Bikes, which collapsed after raising $330 million in VC funding and once commanded a valuation of $1.65 billion.
A Contrarian Strategy in a Contrarian Market
The e-bike market has been a rollercoaster for investors. In the past two years, a wave of startups has either gone bankrupt or been acquired by larger firms, including Life Electric Vehicles Holdings, which paid $13.2 million for Rad Power Bikes’ assets. But Conlow sees opportunity in the chaos.
“I think the market actually lacks a lot of worthy competition right now,” he said, listing a dozen companies that had disappeared from the scene. That sentiment has informed Lectric’s expansion strategy — launching not one, but three new brands in 2026: Juiced Bikes, Juiced Powersports, and Monarc.
Each brand operates independently, with its own engineering, marketing, and customer service teams. This structure avoids brand dilution and allows each to focus on a specific niche. Monarc, for example, is targeting the premium adventure market with features like dual LG batteries, a Bafang motor, and a 3.5-inch touchscreen — specs that place it in a distinct category from the more affordable XP Series.
- Juiced Bikes focuses on performance and style
- Juiced Powersports is launching its first e-moto in August
- Monarc emphasizes high-end features and customer support
The Road Ahead: Focus Over Expansion
While the strategy has worked so far, Conlow is cautious about overextending. “We have made our plate very full,” he said, emphasizing that Lectric is committed to maintaining a strong foundation before pursuing further growth. The company’s direct-to-consumer model, which accounts for 90% of its sales, has been key to its success, drawing 2 million to 4 million visitors to its site each month.
As the e-bike market continues to evolve, Lectric’s contrarian approach — built on bootstrap funding, profitability, and focused branding — could serve as a blueprint for other hardware startups navigating a volatile landscape. Whether it will continue to launch new brands or consolidate its position remains to be seen, but for now, the company is proving that in a sector where many have failed, sometimes the most sustainable path is the one that doesn’t rely on venture capital at all.
