Rivian raises another $2.5B, pushing its EV war chest up to $10.5B
Rivian announced Friday that it has 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 near the start of vehicle production, it's vital that we keep looking forward and pushing through to Rivian's next phase of growth," Rivian CEO RJ Scaringe said in a statement. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout."
D1 Capital Partners founder Dan Sundheim said the firm is excited to increase its investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers."
Rivian has raised roughly $10.5 billion to date. The company did not share a post-money valuation.
The electric automaker, which now employs 7,000 and is preparing to deliver its R1T pickup truck in September, last raised funds in January. That 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 participated in that round, which pushed Rivian's valuation to $27.6 billion, a source familiar with the investment round told TechCrunch at the time.
The news comes just a day after Rivian confirmed it plans to open a second U.S. factory. It also follows Rivian's decision to delay deliveries of its R1T truck and R1S SUV from this summer to September due to delays in production caused by cascading impacts of the pandemic," particularly the ongoing global shortage of semiconductor chips.