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Croatian EV supercar maker Rimac raises 500 million euros

Croatian EV supercar maker Rimac raises 500 million euros

Rimac Group, the Croatian company best known for its Nevera 1,900-horsepower 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 financing round values ​​Rimac at more than 2 billion euros.

Rimac made headlines last year when it agreed to take a majority stake in Bugatti, the ultra-exclusive French carmaker long part of the Volkswagen Group. As part of that deal, the Bugatti and Rimac sports car businesses were merged into a joint venture between Rimac and VW subsidiary Porsche, in which Rimac had a 55% stake.

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

Rimac Technology has already attracted several major automaker customers – including Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault – and previous investments from both Hyundai and Porsche.

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

That new headquarters — which will include manufacturing and warehouse space, as well as offices and labs — will be the largest building in Croatia when completed next year, CEO Mate Rimac told reporters in a briefing on Tuesday.