Rivian introduced Friday that it has closed a $2.5 billion non-public funding spherical led by Amazon’s Local weather Pledge Fund, D1 Capital Companions, Ford Motor and funds and accounts suggested by T. Rowe Value Associates Inc.
Third Level, Constancy Administration and Analysis Firm, Dragoneer Funding Group and Coatue additionally participated within the spherical, in accordance with Rivian.
“As we close to the beginning of auto manufacturing, it’s important that we hold wanting ahead and pushing by to Rivian’s subsequent part of development,” Rivian CEO RJ Scaringe stated in an announcement. “This infusion of funds from trusted companions permits Rivian to scale new automobile packages, increase our home facility footprint, and gas worldwide product rollout.”
D1 Capital Companions founder Dan Sundheim stated the agency is worked up to extend its “funding in Rivian because it reaches an inflection level in its commercialization and delivers what we consider can be distinctive merchandise for purchasers.”
Rivian has raised roughly $10.5 billion to this point. The corporate didn’t share a post-money valuation.
The electrical automaker, which now employs 7,000 and is making ready to ship its R1T pickup truck in September, final raised funds in January. That spherical introduced in $2.65 billion from present buyers T. Rowe Value Associates Inc., Constancy Administration and Analysis Firm, Amazon’s Local weather Pledge Fund, Coatue and D1 Capital Companions. New buyers additionally participated in that spherical, which pushed Rivian’s valuation to $27.6 billion, a supply acquainted with the funding spherical instructed TechCrunch on the time.
The information comes only a day after Rivian confirmed it plans to open a second U.S. manufacturing facility. It additionally follows Rivian’s choice to delay deliveries of its R1T truck and R1S SUV from this summer time to September resulting from delays in manufacturing attributable to “cascading impacts of the pandemic,” notably the continuing international scarcity of semiconductor chips.