Rivian, the electric vehicle company aiming to become the first to bring an EV pickup truck to market, has raised $2.5 billion in a round led by funds and accounts advised by T. Rowe Price Associates Inc.
New investors Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group also participated. Existing shareholders Amazon and funds managed by BlackRock also joined the round. No new board seats have been added.
This is by far the largest round Rivian has raised to date as the company and its founder and CEO R.J. Scaringe eschew public markets and have instead turned to strategic funds and other private investors. The round follows an active 2019 for the company that brought in $2.85 billion in funds through a series of investments. Rivian essentially hit that same mark in one fell swoop this time around.
Rivian announced in February 2019 a $700 million funding round led by Amazon . More deals and investments would follow, including a $500 million investment from Ford — along with a promise to collaborate on a future EV program — a $350 million investment by Cox Automotive in September. The company closed the year with an announcement that it had raised $1.3 billion round led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.
The company also announced in 2019 was developing an electric delivery van for Amazon using its skateboard platform. Amazon 100,000 […]
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