The company was started in London in early 2004 by Simon Mottram and Luke Scheybeler, taking its name from the 1960s cycling team Rapha — itself named after the apéritif maker Saint-Raphaël. Collaborations have run through its history, from a 2007 range with Paul Smith to bikepacking work with Apidura, and in 2015 it founded the Rapha Cycling Club, which today has over 20,000 members and about 21 international stores it calls "clubhouses."
In August 2017, RZC Investments — set up by Steuart Walton — agreed to buy Rapha for £200m. The brand has clothed pro teams including Team Sky and EF Education–EasyPost, moved its North American base to Bentonville, Arkansas, in 2020, and entered the mountain bike market in 2021.