The new capital will help boost the company’s domestic facility footprint and global product rollout
Rivian R1T vehicle. (Credit: Rivian)
Rivian, a US-based electric vehicle (EV) maker and automotive technology company, has raised $2.5bn in a new private funding round.
The funding round was led by Amazon’s Climate Pledge Fund, Ford Motor, D1 Capital Partners, and funds and accounts advised by T. Rowe Price Associates.
It also saw the participation of Third Point, Dragoneer Investment Group, Fidelity Management and Research, and Coatue.
D1 Capital Partners founder Dan Sundheim said: “We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialisation and delivers what we believe will be exceptional products for customers.”
The new funding follows the company’s $2.65bn financing round in January 2021 that was led by funds and accounts advised by T. Rowe Price Associates.
Rivian’s connected electric platform has been designed to be applied flexibly to a variety of applications, which include the company’s adventure products and B2B products like the Amazon last mile delivery vans.
Its launch products, the R1T and R1S vehicles are said to offer a combination of performance, off-road capability and utility. The two vehicles will be produced at the company’s manufacturing plant in Normal, Illinois with customer deliveries anticipated to commence in fall 2021.
Rivian CEO RJ Scaringe said: “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.”
Since 2019, the automotive disruptor has raised $10.5bn. The company was founded in 2009 and is based in Irvine, California.
In February 2019, the company secured $700m in a funding round led by Amazon. A few months later, Ford Motor made an investment of $500m in the company for developing an all-new, next-generation battery electric vehicles by using the latter’s skateboard platform.
In September 2019, the company bagged an investment of $350m from Cox Automotive, which was supported by plans for a collaboration in logistics and service.
By the end of 2019, the company raised $1.3bn in an investment round led by funds and accounts advised by T. Rowe Price Associates.
Last year, Rivian picked up $2.5bn in a funding round that was led by funds and accounts advised by the same investment management firm.