EV startup Rivian raised $ 2.5 billion and raised its total funding to around $ 6 billion before its all-electric pickup and SUV were launched in early 2021. Of this, $ 5.35 billion has been spent in the past year and a half alone. Rivian made major 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 round of financing advised by T. Rowe Price.
The huge inflow of money helps establish Rivian̵
Rivian was founded in 2009 and originally wanted to build a Tesla Roadster-style sports car, but ultimately turned to the development of an electric pickup and an SUV. It remained extremely quiet for almost a decade and only came out of stealth mode in mid-2018 before the first two vehicles, the R1T (the pickup) and the R1S (the SUV), were unveiled at this year’s LA Auto Show.
The startup has grown rapidly since then. And not only did it cost an incredible amount of money, but some of these deals are also strategic. Rivian is working with Ford to develop an electric vehicle for the Lincoln brand (although a project has already been discontinued due to the coronavirus pandemic) and is building a huge fleet of electric vans for Amazon.