How Bootstrapped Lectric Thrived as VC-Backed E-Bike Startups Collapsed

While many venture-backed e-bike startups have crumbled under financial pressure, bootstrapped Lectric eBikes is defying the industry downturn by pouring roughly $10 million into a bold expansion strategy. The Phoenix-based company, known for its affordable XP series, has launched three new brands this year alone: a revived Juiced Bikes, a new Juiced Powersports division, and a premium adventure label called Monarc. This aggressive move stands in stark contrast to the wave of bankruptcies that have swept through the sector.

CEO Levi Conlow told TechCrunch that while competitors are either retreating or scrambling for funding, Lectric is actively investing. “Others might be pulling back, or raising money, we’re actually deploying and investing into initiatives like this,” he said. Conlow dismissed the idea that the market is oversaturated, noting that Lectric just recorded its best sales month ever, moving nearly 30,000 units. “I’m not sure anybody has done that before, even at like peak COVID.”

The timing might seem counterintuitive. Over the past two years, a long list of e-bike companies have filed for bankruptcy, shut down entirely, or been acquired at fire-sale prices. Rad Power Bikes, once valued at $1.65 billion and backed by nearly $330 million in venture capital, filed for Chapter 11 in December and was later bought for just $13.2 million. For Conlow, these failures have cleared the field. “To me, it’s just opened it up,” he said, listing a dozen companies that have folded or exited the U. S. market. “I think the market actually lacks a lot of worthy competition right now.”

Lectric’s contrarian approach is rooted in its own unconventional history. Conlow and co-founder Robby Deziel, childhood friends, bootstrapped the company from the start, never taking venture capital. They accepted a single investment from private equity firm Bertram Capital Management in 2020. What began as a scrappy startup has grown into one of America’s top direct-to-consumer e-bike brands, shipping 150,000 units in 2025.

The formula,stay profitable, let better-funded rivals implode, then expand,offers a powerful lesson for hardware founders. But Conlow is cautious about how Lectric grows. Trying to serve every type of rider under one banner risks weakening the brand. “What we’ve learned is that Lectric cannot be everything to everyone,” he said, pointing to its already broad lineup of folding bikes and electric trikes. The company sells 90% of its products directly through its website, which attracts between 2 million and 4 million visitors monthly.

The solution is to keep each brand distinct. Putting a Juiced Bikes model on the Lectric homepage, for instance, could distract from the flagship XP Series and confuse customers. “You need to be a lot more intentional, and when you’re more focused, you can go really deep into that vertical,” Conlow explained. “You can make customer service, branding, and marketing specific to that product and that company.”

That principle guided the launches of Juiced Bikes, Juiced Powersports (shipping its first e-moto in August), and Monarc. Lectric acquired Juiced Bikes in 2025 and relaunched it last month. Monarc, which began as a skunkworks project inside Lectric, spun out this week as a standalone brand based in Minnesota, led by industry veterans Julia Moran and Ryan Callahan. Each brand operates with its own engineering, branding, marketing, and customer service teams. Conlow even encourages them to compete. “We don’t want three brands that end up looking and performing the same or feeling the same. There should be healthy competition between them,” he said.

Monarc is positioned as a premium adventure lifestyle brand, emphasizing features like a five-year warranty and phone support staffed by real people. Conlow was emphatic that none of Lectric’s brands will ever use AI for customer service. Monarc’s first e-bike, the all-terrain Marker, comes standard with two LG 48-volt 15Ah batteries,an unusual offering in the industry,each providing 720 watt-hours and certified to UL 2271. It includes a 5-amp fast charger, a Bafang motor, a Shimano drivetrain, and a 3.5-inch color touchscreen that can sync with accessories like rearview radar and smart helmets. The Marker begins shipping in July.

Currently, Monarc and the two Juiced brands are lean operations, with 10 and eight employees respectively, though they are expected to grow. Lectric itself employs 170 people. The brands operate independently but benefit from Lectric’s supply chain, purchasing power, and back-office support.

As for whether Lectric will keep launching new brands, Conlow left the door open. “We continue to explore and keep our eyes open,” he said. But he isn’t rushing. “We have made our plate very full, and we’re going to stay focused on this.”