- Croatian electric vehicle manufacturer Rimac Group raised €500M in a Series D round led by giants SoftBank and Goldman Sachs, as well as existing shareholders such as Porsche and InvestIndustrial.
- The latest funding puts the Croatian giant at a valuation of over €2 billion, the company said in a statement.
- The latest Series D reflects the company’s success in both developing and delivering electrified vehicle components and in-house-developed hypercars.
- The funds will be primarily aimed at developing the Rimac Technology, which has also begun a large-scale production of global OEMs (original equipment manufacturers).
According to the company’s founder and CEO Mate Rimac, the Croatian EV maker has set ambitious growth plans in the next few years.
“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,” Mate Rimac said.
Ramping up production from its Rimac Campus
The company also stated that Rimac Technology will increase its production capacity and will also work to finish the new Rimac Campus, from where it will be able to produce tens of thousands components each year.
“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.” Mate Rimac told The Recursive.
The campus is located in the city of Sveta Nedelja, and according to the company’s estimates, it’s an investment worth more than €200M. It is expected to be completed by 2023.
“We have now reached a point where we need to build our long-term home in Croatia, and that’s exactly where the Rimac Campus is. The campus is our springboard to the growth plans we have over the next decade and beyond, strengthening us as a niche hypercar maker,” Mate Rimac said last April.
Japanese investment giant SoftBank also expressed its excitement for the deal, hailing the progress that Rimas achieved during the last period.
“Rimac has quickly established itself as a leading EV technology partner to global OEMs supporting their transition to an electric future. We are pleased to support Mate and his team in building on this success and taking Rimac to the next level,” said Jimi Macdonald, investor for SoftBank.
At the beginning of last month, Rimac also got a boost from Italian investment firm InvesIndustrial, which invested €120M in the Croatian company.