June 1 (SeeNews) - Croatian electrified vehicle technology company Rimac Group said on Wednesday it raised 500 million euro ($536 million) in Series D financing, valuing the company at over 2 billion euro.
“Proceeds will support the company’s continued innovation in manufacturing, production expansion and ongoing talent acquisition,” it said in a press release.
The fundraising was led by SoftBank Vision Fund 2 and the Private Equity business within Goldman Sachs Asset Management, with participation from existing Rimac shareholders, including Porsche and InvestIndustrial.
Mate Rimac remains the largest shareholder of the company.
The funds will be primarily used to further develop its fully-owned technology arm Rimac Technology as it commences large-volume series production for global original equipment manufacturers, using the expertise gained from developing the all-electric Rimac Nevera hypercar.
Rimac Technology has already been in partnerships with global brands including Porsche, Hyundai, Automobili Pininfarina, Koenigsegg and Aston Martin.
Rimac Technology is ramping up its production capacity and completing works on its new campus, covering 200,000 square metres in Sveta Nedelja near Zagreb.
Running at full capacity from the campus, Rimac Technology will be capable of producing tens of thousands of components each year, with products ranging from hybrid and fully electric battery systems to full rolling chassis.
The group plans to establish new manufacturing processes to meet global automotive demand, recruit 700 team members this year, open new offices in several locations across Europe and expand new production facilities at the campus, Mate Rimac, CEO of Rimac, said in the press release.
The Rimac Group is the majority shareholder in vehicles developer Bugatti Rimac, with a 55% stake and German sports car maker Porsche owning the remaining 45%.
($ = 0.932 euro)