Rimac Group has raised EUR 500 million from investors, including SoftBank Vision Fund 2, the private equity business within Goldman Sachs Asset Management, as well as Porsche and InvestIndustrial, which are existing Rimac shareholders.
Rimac Group’s value is now estimated at over EUR 2 billion, the company said. The round includes an “eight-figure sum” from Porsche, which now owns 20% of the company, Techcrunch reported.
The Series D investment reflects Rimac’s results in developing and delivering high-performance electrified vehicle components and in-house-developed hypercars.
Rimac aims to recruit 700 team members in 2022
The company said that the funds would be primarily used to further develop Rimac Technology as it starts large-volume series production for global original equipment manufacturers (OEMs).
CEO Mate Rimac stressed the electric supercar maker has ambitious growth plans for the next few years.
“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,” he added.
According to Jimi Macdonald, the investor for SoftBank Investment Advisers, there is a rapid demand for electrification in an industry facing significant challenges adapting to this technological shift. Rimac has quickly established itself as a leading EV technology partner to global OEMs supporting their transition to an electric future, he asserted.
“We look forward to partnering with Mate Rimac and management in their innovation agenda and growth journey to push the limits of battery and electric powertrain performance,” said Michael Bruun, EMEA Head of Private Equity within Goldman Sachs Asset Management.
According to Andrea Bonomi, Chairman of InvestIndustrial’s Industrial Advisory Board, Rimac’s industrial expansion will make it the driving force in the transition towards electromobility solutions.
“With new investors on board, Rimac is further expanding its position in electromobility and thus becoming an even stronger partner for Porsche. The close cooperation creates added value on both sides in terms of technology and innovative strength,” said Lutz Meschke, Deputy Chairman of the Executive Board of Porsche.