Michigan-based EV Unicorn Rivian announced on Friday, 23 July 2021 of securing US$ 2.5 billion in a venture funding round led by Amazon, Ford. T. Rowe Price and D1 Capital Partners with Coatue, Third Point, Dragoneer Investment Group and Fidelity Management and Research Company. With the recent fundraise, the firm now stands at a valuation of US$ 8.2 billion.
About Rivian
Rivian, founded in 2009 by Robert J. Scaringe in Plymouth, Minnesota, is an electric vehicle manufacturing company that develops merchandise and offers services to promote substitution to sustainable mobility.
Rivian company designs solutions that redefine conventional automotive finance distribution and eliminate the strain points of traditional ownership as much as possible. It also contrives autonomous electric vehicles with an aim to provide a comfortable as well as an eco-friendly drive experience.
Furthermore, the US-based company has developed and acquired a vertically integrated electric platform that can be flexibly applied to multiple applications, including the company’s enterprise produce and B2B products such as the Amazon last-mile delivery vans. R1T and R1S are the recently launched products by Rivian that renders an unmatched blend of performance, off-road capability and utility.
Fund Utilisation
With the current fundraising, Rivian plans to open another manufacturing plant in the U.S. referred to internally as “Project Tera”, for which several U.S. states have capitulated bids. Rivian announced that the plant would break ground in early 2022 following its first plant operating in Normal, Illinois, where the startup intends to begin production on an all-electric pickup and SUV.
The company claims to have raised nearly US$ 10.5 Billion since 2019 till date.
| Year | Investment | Investor |
| July 2021 | US$ 2.5 billion | T. Rowe Price Associates, IncFord Motor Company Amazon D1 Capital Partners |
| January 2021 | US$ 2..65 billion | T. Rowe Price Associates, Inc |
| July 2020 | US$ 2.5 billion | T. Rowe Price Associates, Inc |
| December 2019 | US$ 1.3 billion | T. Rowe Price Associates, IncFord Motor Company BlackRock Amazon |
| September 2019 | US$ 350 million | Cox Automotive |
| April 2019 | US$ 500 million | Ford Motor Company |
| February 2019 | US$ $700 million | Amazon |
What the CEO has to say
Rivian CEO RJ Scaringe said, “As we near the start of vehicle production, we must keep looking forward and pushing through to Rivian’s next phase of growth.”
He added, “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
What the Investors have to say
Founder of D1 Capital Partners, Dan Sundheim, said, “We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialisation and delivers what we believe will be exceptional products for customers.”
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