Rimac raises €500 million as it looks to expand production
Croatian electric hypercar manufacturer, Rimac, has raised EUR 500 million in its Series D investment round, valuing the company at over EUR 2 billion.
The investment round was led by SoftBank Vision Fund 2 and the private equity business within Goldman Sachs Asset Management. Existing Rimac shareholders, including Porsche and InvestIndustrial also participated in the new investment round. Mate Rimac, CEO of the carmaker, still remains the largest shareholder.
The company says that the funds will be primarily used to further develop its subsidiary, Rimac Technology as it commences large-volume series production for global OEMs. The subsidiary has however already undertaken partnerships with several big brand names including Porsche, Hyundai, Automobili Pininfarina, Koenigsegg and Aston Martin, a press release reads.
Rimac Technology is now ramping up its production capacity and completing work on the new Rimac Campus. Running at full capacity from the Rimac Campus, Rimac Technology will be capable of producing tens of thousands of components each year, with products ranging from hybrid and fully electric battery systems to full rolling chassis.
Back in November 2021, In November 2021, Rimac completed the merger of its hypercar division – Rimac Automobili – with Bugatti Automobiles. Both brands now operate under the Bugatti Rimac company.
The Rimac Campus will also become the HQ of Bugatti Rimac which is responsible for the future development of both the Bugatti Automobiles and Rimac Automobili hypercar brands and will also become the production site for the new Nevera hypercar.
"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," says Mate Rimac, CEO of Rimac, in the press release.
He continues to say that the group is looking to "rapidly scale" and establish new manufacturing processes to meet global automotive demand – this includes the recruitment of 700 team members in 2022, the opening of new offices in several European locations and the expansion the company's new production facilities at the Campus.