REVEL Bikes: From Racer to Builder

Not many people can say they’ve founded multiple bike companies—but Adam Miller can. A lifelong mountain biker, Adam grew up racing competitively until he realized his passion was better channeled into building bikes than racing them. He first launched Why Cycles before founding Revel Bikes in 2019, with a clear vision: design the highest-performing mountain bikes, built with uncompromising components and engineering.

A Brand Built to Perform

From the start, Revel made waves. Riders were drawn to the bikes’ innovative suspension design, sleek carbon frames, and meticulous attention to detail. The company quickly grew a loyal following, and we were fans of the brand even before realizing Revel was based in Carbondale, Colorado.

By the time we met Adam in 2020, Revel was already proving itself in the market. After testing the bikes ourselves, it became clear that our values aligned. Adam was building something world-class, rooted in the Roaring Fork Valley, and after several conversations, we proudly partnered and invested in June of 2020.

Growth Through Momentum

The timing couldn’t have been more striking. Our investment coincided with the pandemic-driven surge in biking, and Revel scaled rapidly to keep up with demand. By late 2021, Revel had attracted buyers and was acquired by a private equity group—an excellent outcome for Fund I and, at the time, what felt like the end of our Revel journey.

The Comeback Story

But bikes, like life, have their twists. Earlier this year, Revel announced bankruptcy. While many groups lined up to purchase the assets, it was Adam himself who stepped back in to buy back his company.

Now, Adam is back at the helm with renewed energy and perspective. For the bike community, the stoke is real. For us, it’s inspiring to see a founder return to his roots and double down on the brand he started. With Adam leading again, Revel is poised for its next chapter—still innovating, still grounded in the Roaring Fork Valley, and still driven by a passion for building the best bikes in the world.