ar giant Porsche and investment backers Goldman Sachs and SoftBank have driven €500 million (£426 million) into Croatian electric supercar maker Rimac as part of a Series D funding round.
Company founder Mate Rimac, said: “We have ambitious growth plans for the coming years and are proud to have the support of major new and existing investors who believe in our vision. The backing of our expert investors will be an invaluable guide through this uncharted territory.”
The company’s valuation soared to €2bn following the funding. Rimac said it plans to use the additional backing to expand production for high-volume projects in addition to hiring an extra 700 staff.
The company founder holds the largest stake in the business while the group has a 55% majority stake in a partnership deal with fellow supercar producer Bugatti called Bugatti Rimac.
Rimac has been reported to be considering a future IPO but is not expected to launch that in the short term.
We’re delighted that Rimac has gained prominent new investors, and we are optimistic about the continued development of this exciting company,” said Lutz Meschke, deputy chairman of the executive board at Porsche.
Porsche made its first investment in Rimac four years ago and has continually increased its interest in the company.
Jimi Macdonald, director at SoftBank Investment Advisers, said: “We’re witnessing a rapid demand for electrification in an industry facing significant challenges adapting to this technological shift.”
News Source: www.standard.co.uk