Rimac Group said on Tuesday it has raised 500 million euros ($536 million), funds that will help the Croatian startup grow beyond its electric hypercar roots and become a global supplier of EV components — and eventually one. Listed Company.
Softbank Vision Fund 2 and Goldman Sachs led the Series D investment round in a deal that valued the manufacturer at 2 billion euros ($2.2 billion). The round includes an “eight figure” from Porsche, which now owns 20% of the company. Founder and CEO Mate Rimac remains the largest shareholder of Rimac Group, the majority shareholder of the recently merged Bugatti Rimac and the sole shareholder of Rimac Technology.
“SoftBank is the largest tech investor in the world and Goldman is a very large financial investor,” Mate Rimac said during a media call on Tuesday. He added that while the company’s hypercar business is sustainable, the investment is critical to both the development of the company’s Rimac Technology subsidiary and Rimac’s prospects of going public in the future.
The funding will be used to hire talent, build a $200 million campus for Rimac’s headquarters in Zagreb, Croatia, and develop and manufacture batteries, software and other components for electric cars.
Above all, the money will also help Rimac to remain independent from larger automakers, the CEO said. “It’s very good for us to have Porsche and Hyundai on board as shareholders, but we don’t want to be completely dependent on them.”
Rimac merged its hypercar division with French supercar maker Bugatti in November. The resulting company, called Bugatti Rimac, is developing the $2.5 million Rimac Nevera hypercar, a 1,914 horsepower EV that claims it can accelerate from 0 to 60 mph in 1.85 seconds, faster than any other production car. That car, which made its debut last year, will be on the market this summer.
By developing and building the Nevera in-house, the company has developed a range of technologies that it can provide to other automakers. In addition to Porsche and Hyundai, the company also partners with Automobili Pininfarina, Koenigsegg and Aston Martin to design, engineer and manufacture batteries and other components for high-performance EVs.
Construction on the nearly 25-hectare campus in Zagreb began in August. Rimac said Tuesday the project is on track to open in 2023.
“Despite all the material shortages and all the challenges we are facing in the supply chain right now, we are handling that pretty well,” said Rimac.
The headquarters will house research and development for Rimac and Bugatti, as well as production for electric cars – including the Nevera – and a variety of components, including battery systems and chassis. The company said the site will be able to produce tens of thousands of components annually once it reaches full capacity.
The new funding will also help Rimac to hire 700 employees by 2022, nearly doubling its current workforce, and open new offices and factories across Europe, including in Germany and England, and possibly Italy, the company said.
“Croatia has two unicorns, us and another company,” said Rimac, referring to Infobip, an IT and telecommunications company. “Italy, as far as I know, doesn’t have any, despite being about 12 times bigger than Croatia. So [this investment] is a big, big thing for the region, showing that you can attract the best international investors in a really competitive industry and make a significant company.”
This post Rimac raises more than $500 million from Porsche, Softbank and Goldman Sachs TechCrunch was original published at “https://techcrunch.com/2022/05/31/ev-startup-rimac-raises-more-than-500m-from-porsche-softbank-and-goldman-sachs/”