Electric vehicle startup Rivian Automotive LLC has raised an additional $ 2.65 billion, strengthening its balance sheet as it seeks an edge in the emerging electric truck market.
Asset manager T. Rowe Price Associates Inc. led the round, which also included Fidelity Investments, Coatue Management, and Amazon.com Inc. all of which have already backed the carmaker, Rivian said Tuesday. Capital inflows for the Irvine, California-based company came to a valuation of $ 27.6 billion, according to a person familiar with the case, adding to the $ 5.35 billion the company raised in five previous funding rounds dating back to 2019.
Car manufacturer Ford Motor Co. also has a stake in Rivian after an investment of $ 500 million in 2019. It was not clear whether Ford was participating in this round.
With the new money, the company can focus on launching three products this year while scaling for growth at the same time, RJ Scaringe, Rivian’s founder and CEO, said in a statement.
The new funding round illustrates that the deluge of new investments in electric vehicle companies so far in 2021 shows no signs of slowing down. last year.