Rivian said on Friday it had closed a $ 2.5 billion private funding round led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor and funds and accounts advised by T. Rowe Price Associates Inc.
Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue also participated in the round, according to Rivian.
“As we approach the start of vehicle production, it is essential that we continue to look ahead and pursue Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement. . “This injection of funds from trusted partners enables Rivian to develop new vehicle programs, extend the footprint of our national facilities and fuel the international deployment of products. “
D1 Capital Partners Founder Dan Sundheim said the company is delighted to increase its “investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe to be exceptional products for clients”.
Rivian has raised around $ 10.5 billion to date. The company did not share a post-money valuation.
The electric carmaker, which now employs 7,000 people and is set to deliver its R1T pickup truck in September, last raised funds in January. The round brought in $ 2.65 billion from existing investors T. Rowe Price Associates Inc., Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners. New investors also took part in the roundtable, which pushed Rivian’s valuation to $ 27.6 billion, a source familiar with the roundtable told TechCrunch.
The news comes just a day after Rivian confirmed plans to open a second plant in the United States. It also follows Rivian’s decision to delay deliveries of its R1T truck and R1S SUV from this summer to September due to production delays caused by “the cascading impacts of the pandemic”, particularly the global shortage. current semiconductor chip.