Rimac Group raises $743 million in new funding round

Croatian electric vehicle (EV) start-up Rimac Group says it has raised €500 million ($A743 million) as part of its Series D investment round.

This latest splash of uneaten mazuma brings the personal valuation of the merchantry to over €2 billion ($A2.97 billion).

This fundraising round was lead by venture wanted fund SoftBack Vision Fund 2 and private probity merchantry Goldman Sachs Asset Management, with the participation of existing Rimac shareholders including Porsche and InvestIndustrial.

Series D investment rounds rarely occur in start-up companies but they typically requite the visitor an increase in value surpassing going public.

Mate Rimac remains the largest shareholder of Rimac Group.

As previously detailed, Rimac recently launched the standalone Rimac Technology merchantry which will protract to expand the engineering, minutiae and supply of high-performance EV shower systems, electric momentum units, electronic systems, and user interface components.

This latest funding will be primarily used to remoter Rimac Technology as it starts “large-volume” mass-production for global manufacturers.

Mr Rimac moreover noted the raise will indulge for the visitor to recruit 700 new team members in 2022, unshut new offices wideness Europe and expand new production facilities.

Rimac Campus

Rimac Technology is ramping up its production topics and completing work on the new €200 million ($A297 million) headquarters in Zagreb, Croatia.

Titled as ‘Rimac Campus‘, it’ll serve as the company’s international research and minutiae (R&D) and production wiring for all future Rimac products, including the Rimac Nevera, and their key components.

This campus will moreover wilt the home of R&D for future Bugatti models due to the new joint venture, though these vehicles will be built at Bugatti’s Molsheim plant in France.

Rimac recently joined forces with Bugatti to form a new joint venture visitor known as Bugatti Rimac, with Rimac founder Mate Rimac rhadamanthine CEO of both brands.

The joint venture saw Bugatti step out from under the Volkswagen Group umbrella, though Porsche holds a 45 per cent stake in Bugatti Rimac.

For now the individual brands will protract to operate separately, retaining their existing production facilities and distribution channels.

“We’re witnessing a rapid demand for electrification in an industry facing significant challenges adapting to this technological shift,” said SoftBank Investment Advisors investor Jimi MacDonald.

“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 towers on this success and taking Rimac to the next level.”

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