The start-up EV Rivian has raised $ 2.5 billion, bringing its total funding to date to around $ 6 billion before the launch of its all-electric van and SUV in early 2021. 5.35 billion dollars have been invested in the past year and a half alone, with Rivian recouping large investments from Ford, Amazon and Cox Automotive in 2019.
The new funding comes from Soros Fund Management LLC, Coatue (a hedge fund), Fidelity Management and Research Company and the investment company Baron Capital Group. Amazon and another previous investor, BlackRock, also participated in the funding cycle, advised by T. Rowe Price.
The massive influx of money helps strengthen Rivian’s position as probably the best capitalized EV startup in the world. It will also boost the company’s massive growth, as it has already opened half a dozen offices in the United States and outside the United States and has hired approximately 2,400 people.
Rivian was founded in 2009 and originally aimed to build a Tesla Roadster-style sports car, but eventually turned to designing an electric pickup truck and an SUV. It remained extremely silent for almost a decade, only going out of stealth mode in mid-2018 before the launch of its first two vehicles, the R1T (the pick-up) and the R1S (the SUV), at the this year’s Los Angeles auto.
The startup has grown rapidly since then. And not only has it brought in an incredible amount of money, but some of these deals are also strategic. Rivian is working with Ford on the development of an electric vehicle for its Lincoln brand (although a project has already been abandoned due to the coronavirus pandemic), and it is building a massive fleet of electric delivery vans for Amazon.