Porsche has invested in Rimac, the Croation automotive technology group, by participating in a Series D funding round, the German automaker announced.
The total volume of the round is $536 million, with Porsche investing an eight-figure sum, the company said.
“We’re delighted that Rimac has gained prominent new investors, and we are optimistic about the continued development of this exciting company,” said Lutz Meschke, deputy chairman of the Executive Board of Porsche AG and member of the Executive Board for Finance and IT. “We were already convinced of the company’s potential in 2018 and are pleased that our commitment allowed us to contribute to its progress and current success.” Porsche made its first investment in Rimac in 2018 and has successively increased its interest. “With new investors on board, Rimac is continuing to expand its position in electromobility, making it an even stronger partner for Porsche,” says Lutz Meschke.
The new funding round is being led by Softbank Vision Fund 2. Another new investor from the financial sector is Goldman Sachs Asset Management, the company said. Following the transaction, Porsche will continue to hold around 20 percent of the Rimac Group. Company founder and CEO Mate Rimac remains the biggest shareholder.
“We have ambitious growth plans for the coming years and are proud to have the support of major new and existing investors who believe in our vision,” Rimac said. “Our thanks also go to the Porsche team, which has played an important role in our success to date and is continuing to provide its support.”
The Rimac Group plans to invest the raised capital in expanding production for high-volume projects. It also plans to hire 700 additional employees in 2022 alone, the company said.
