Rimac Group announced that it raised €500 million ($536 million) in its Series D investment round, which valuated the company at over €2 billion ($2.15 billion).
According to the press release, the round was led by SoftBank Vision Fund 2 and the Private Equity business within Goldman Sachs Asset Management, with participation from existing Rimac shareholders, including Porsche and InvestIndustrial.
While Mate Rimac remains the largest shareholder of the Rimac Group, Porsche invested an eight-figure sum to maintain a roughly 20% stake.
The Rimac Group has two main areas of business - Rimac Technology (a Tier 1 high-performance electrified vehicle components supplier) and Bugatti Rimac car manufacturer, formed in November 2021 through the merger of Rimac’s hypercar division – Rimac Automobili – with Bugatti Automobiles.
Rimac Technology already partners with multiple manufacturers, including Porsche, Hyundai, Automobili Pininfarina, Koenigsegg and Aston Martin, while Rimac Automobili is gearing up to launch the Rimac Nevera electric hypercar. Bugatti Rimac remains an independent entity, which is expected to electrify some of its cars in the future.
One of the largest expansion projects for Rimac is the Rimac Campus, which will enable Rimac Technology to produce "tens of thousands of components each year, with products ranging from hybrid and fully electric battery systems to full rolling chassis." It will become also the HQ of Bugatti Rimac and become the production site for Rimac Automobili’s Nevera hypercar.
Mate Rimac, CEO of Rimac, said:
“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. 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. I would also like to personally thank all of our employees as without their hard work, loyalty and enthusiasm for the Rimac vision, we wouldn’t be here today.”