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Image credit: Rimac Group

Croatia-based Rimac Group, a company that brings together advanced hypercars and high-performance electrification technologies for the world’s largest OEMs, announced on Wednesday that it has raised €500M in its Series D round of funding. 

This round values the company at over €2B.

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Investors supporting this round

The round was led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management. Existing investors Porsche and InvestIndustrial also participated in this round. Founder Mate Rimac continues to be the largest shareholder of the company.

Jimi Macdonald, the investor for SoftBank Investment Advisers, says, “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. We are pleased to support Mate and his team in building on this success and taking Rimac to the next level.”

Everything about Rimac Group

Founded in 2009 by CEO Mate Rimac, Rimac Group is the majority shareholder of Bugatti Rimac and the sole stakeholder of Rimac Technology. The Group brings together advanced hypercars in the world with a globally renowned team developing high-performance electrification, autonomous and software solutions for the world’s largest OEMs. 

Based on the outskirts of Zagreb, Croatia, the company has locations around Europe and currently employs more than 1,300 people. From 2023, the Rimac Group will be headquartered at a new 200,000 m2 Rimac Campus, large enough to accommodate over 2,500 people.

Rimac Group, through its subsidiary Rimac Technology, claims to have become a Tier 1 technology partner to global automotive Original Equipment Manufacturers (OEMs) through designing, engineering and manufacturing ‘high-performance’ electrified vehicle components such as batteries and e-axles.

Using the expertise gained from developing the all-electric Rimac Nevera hypercar from the ground up, Rimac has developed a range of products that take customers through the entire product creation process – from concept to large-scale production. 

Rimac Technology has partnerships with brands including Porsche, Hyundai, Automobili Pininfarina, Koenigsegg, and Aston Martin.

In November, 2021, Rimac completed the merger of Rimac’s hypercar division, Rimac Automobili, with Bugatti Automobiles. Both brands now operate under the Bugatti Rimac company, an ‘ultra-luxury’ and high-performance hypercar manufacturer. The new Rimac Campus will also become the HQ of Bugatti Rimac and will be responsible for the future development of both the Bugatti Automobiles and Rimac Automobili hypercar brands.

Capital utilisation

According to Rimac Group, the fundraising reflects the company’s success both in developing and delivering high-performance electrified vehicle components and in-house-developed hypercars. The company says the proceeds from this round will be used to further develop Rimac Technology as it plans for large-volume series production for global OEMs.

CEO Mate Rimac, says, “As we look to rapidly scale the Rimac Group, establish new manufacturing processes to meet global automotive demand, recruit 700 talented team members in 2022, open new offices in several locations across Europe and expand our new production facilities at the Campus and beyond, the backing of our expert investors will be an invaluable guide through this uncharted territory.”