Rimac announced that it closed a EUR 500 million ($536 million USD) round of funding to accelerate its new role as a high-performance electric component supplier.
Over the years, Rimac has been best known for its all-electric hypercars, especially the Concept_One, arguably the first all-electric hypercar, and more recently, the new Concept_Two (C_Two), and now, Nevera.
But in recent years, the company has also been emerging as a supplier for electric vehicle components. They’ve already got a thriving business supplying some OEMs, like Koenigsegg and Aston Martin. Eventually, it even got the attention of Porsche who invested heavily in Rimac.
Then out of the blue, Rimac and Porsche made a deal last year that resulted in the creation of a new intensity where Rimac took control of the Bugatti brand.
Under its new Rimac Group entity, Rimac owns 55% of ‘Buggati Rimac’, under which it sells hypercars, and 100% of Rimac technology, which sells high-performance electric component to other OEMs.
Now this new Rimac Group announced that it has raised EUR 500 million ($536 million USD) this week:
1 June, 2022, Zagreb – Rimac Group (“Rimac” or the “Company”), a leader in electrified vehicle technology, raised EUR 500 million in its Series D, valuing the Company at over EUR 2bn. The fundraising was led by SoftBank Vision Fund 2 and the Private Equity business within Goldman Sachs Asset Management, with participation from existing Rimac shareholders, including Porsche and InvestIndustrial. Mate Rimac remains the largest shareholder of the Company.
Here’s what the structure looks like with the new investors:
Mate Rimac, CEO of Rimac, commented on the new investment:
Rimac has ambitious growth plans in the next few years, and we are humbled by the support of significant new investors like SoftBank Vision Fund 2 and Goldman Sachs Asset Management believing in our vision. Our gratitude also goes to Porsche and InvestIndustrial who have played an important part in our success so far and reinforced their support with new investment. As we look to rapidly scale the Group, establish new manufacturing processes to meet global automotive demand, recruit 700 talented team members in 2022, open new offices in several locations across Europe and expand our new production facilities at the Campus and beyond, the backing of our expert investors will be an invaluable guide through this uncharted territory. I would also like to personally thank all of our employees as without their hard work, loyalty and enthusiasm for the Rimac vision, we wouldn’t be here today.
Rimac said that the new funds will “primarily used” by Rimac Technology to volume production of electric vehicle components for OEMs:
This latest Series D investment reflects Rimac’s success both in developing and delivering high-performance electrified vehicle components and in-house-developed hypercars. The funds will be primarily used to further develop Rimac Technology as it commences large-volume series production for global OEMs.
That means investing in its new “Rimac Campus,” where it will be capable of producing tens of thousands of components each year and it will also serve as new headquarters.
It is currently under construction: