Croatian EV Supercar Maker Rimac Raises €500M

Rimac Group, the Croatian company best known for its 1,900-horsepower Nevera electric sports car, said it has raised 500 million euros (about $537 million) from investors including Goldman Sachs, Porsche and a technology fund advised by Japan’s SoftBank.

The new funding round values ​​Rimac at more than 2 billion euros.

Rimac made headlines last year when it agreed to acquire a majority stake in Bugatti, the ultra-exclusive French automaker that has long been part of the Volkswagen Group. As part of this deal, the sports car business of Bugatti and Rimac was merged into a joint venture between Rimac and Porsche, a subsidiary of VW, with Rimac holding a 55% stake.

The new investment is expected to accelerate Rimac’s transition from its roots as a small-scale manufacturer of high-end electric sports cars. It will continue production of the $2.4 million Nevera through a joint venture with Porsche, as well as a series of new models for Bugatti. But now he plans to focus most of his efforts and much of his new capital on his Rimac Technology subsidiary, which designs and manufactures components for high-performance electric and hybrid vehicles made by other automakers.

Rimac Technology has already attracted several major automaker clients including Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault, as well as past investments from both Hyundai and Porsche.

Rimac said it will use this new capital injection to hire 700 new employees, open a number of new offices in Europe and build a new headquarters that is currently under construction near Zagreb, Croatia’s capital.

This new headquarters, which will include manufacturing and storage facilities as well as offices and laboratories, will be the largest building in Croatia when completed next year, CEO Mate Rimac told reporters at a briefing on Tuesday.

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