Business Valuation Exceeds $27 Billion
The startup’s funding round, which values the EV business at $27.6 billion, was headed by funds and accounts managed by T. Rowe Price Associates and also included both previous and new business investors. Some of these include Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners.
The timing of the round could not have been better for the EV startup as the company is currently working on the design, development, production, and delivery of two of its new vehicles, including the R1T EV pickup truck and the R1S SUV. Furthermore, the startup is also producing 100,000 EV commercial delivery vans for Amazon.
"The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” said the founder and chief executive of Rivian, RJ Scaring.
This fundraising round comes after two years of significant business investments that started after Rivian first rolled out its EV SUV and pickup truck in 2018 at the LA Auto Show. Shortly after the event, the startup announced a $700 million fundraising round led by the ecommerce giant Amazon.
A number of hefty investments followed, including the $500 million one from Ford, which also pledged to support the startup on a future EV program. In 2019, Cox Automotive invested $350 million in the company, and Rivian closed the year with $1.3 billion secured in new funding.
Fundraising for the startup continued in 2020 as well, with the EV startup securing $2.5 billion in a round managed by funds managed by T. Rowe Price Associates. In addition to Amazon, Ford, and BlackRock, new supporters joined that round, including Soros Fund Management, Coatue, Fidelity Management and Research Company, and Baron Capital Group.
Until now, the EV company has raised a total of $8 billion since the start of 2019. Rivian has injected more than $1 billion of these funds into its plant in Normal, Illinois, which is still under construction.
US automaker Rivian has raised $2.65 billion in the latest funding round as the company prepares to start manufacturing its own EV pickup truck later this year. The latest funding round values the EV company at over $27 billion.