Electrified vehicle (EV) technology and hypercar company Rimac Group announced the completion of a €500 million in a series D funding round led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management, and participation from existing investor Porsche. The financing valued the company at over €2 billion.

Proceeds from the financing will be used to accelerate the development of the company’s Rimac Technology division into a tier-1 supplier for global OEM’s, providing high-performance electrified vehicle components such as batteries and e-axles. The company’s existing partnerships include Porsche, Hyundai, Automobili Pininfarina, Koenigsegg and Aston Martin.

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. Rimac has quickly established itself as a leading EV technology partner to global OEMs supporting their transition to an electric future.”

Founced in 2009 with a vision to create high-performance electric cars, Croatia-based Rimac designs, engineers high-performance EV components through its wholly-owned Rimac Technology division, and electrified hypercars through Bugatti Rimac, a joint venture formed with Porsche (55% held by Rimac), with the November 2021 merger of Rimac’s existing hypercar division, Rimac Automobili with ultra-luxury supercar manufacturer Bugatti.

Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG, said:

“With new investors on board, Rimac is continuing to expand its position in electromobility, making it an even stronger partner for Porsche.”

The company is currently building a €200 million campus to serve as is Croatia HQ, with production and R&D facilities across 95,000 square meters, and capacity for over 2,500 people. Rimac founder and CEO Mate Rimac said that the company aims to recruit 700 people this year, marking significant growth from its current 1,300 headcount.

Mate Rimac said:

“Rimac has ambitious growth plans in the next few years, and we are humbled by the support of significant new investors like SoftBank Vision Fund 2 and Goldman Sachs Asset Management believing in our vision. Our gratitude also goes to Porsche and InvestIndustrial who have played an important part in our success so far and reinforced their support with new investment.”

Michael Bruun, EMEA Head of Private Equity within Goldman Sachs Asset Management, added:

“We look forward to partnering with Mate Rimac and management in their innovation agenda and growth journey to push the limits of battery and electric powertrain performance.”