Rivian Closes $2.5 Billion Funding Round

Amazon And Ford once again participated in the funding.

Rivian R1T

Mark Kane

By: Mark Kane

Jul 24, 2021 at 9:12am ET

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Rivian just announced that it has closed a $2.5 billion private funding round, which brings the total amount raised since 2019 to $10.5 billion.

Both Amazon and Ford participated in the latest round, among multiple other investors that appear to be pretty bullish about the project:

"The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation by Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue."

Rivian CEO RJ Scaringe explains that the vehicle production is near and that the funds will allow moving to the next phase of growth, which includes "scale new vehicle programs," plus "expand our domestic facility footprint" (a second factory is in the pipeline, potentially for vehicles and batteries) and "fuel international product rollout" (Europe was already confirmed).

We are of course the most curious about the "new vehicle programs," on top of the R1T, R1S and electric vans for Amazon.

Rivian CEO RJ Scaringe said:

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“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”

If we look at Rivian's history, it's quite amazing that the company has raised $10.5 billion within just three years:

July 2021: $2.5 billion private funding round.
January 2021: In January, Rivian announced a $2.65 billion funding round led by funds and accounts advised by T. Rowe Price Associates, Inc.
In 2020:
July 2020: In July, Rivian announced a $2.5 billion funding round led by funds and accounts advised by T. Rowe Price Associates, Inc.
February 2019: In February, Rivian announced a $700 million funding round led by Amazon.
April 2019: In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program.
September 2019: In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.
September 2019: In late September, Rivian announced it was developing a custom electric delivery van for Amazon utilizing Rivian’s skateboard platform and that 100,000 of these vans had been ordered with customer deliveries starting in 2021.
December 2019: In December, Rivian closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.