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Tesla rival alert: Croatian hypercar unicorn gets €500M funding from Softbank, Goldman Sachs and Porsche

Rimac Group
Image credits: Rimac Group

Rimac Group, a Croatian EV supercar maker, announced that it has raised €500M ($536M) in a Series D round of funding led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management

The Stuttgart-based sports car manufacturer Porsche also invested an eight-figure sum. As a result, Porsche will continue to hold around 20 per cent of the Rimac Group. 

We’re delighted that Rimac has gained prominent new investors, and we are optimistic about the continued development of this exciting company,” says 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.”

Mate Rimac, the founder and CEO of Rimac Group, remains the largest shareholder. It’s worth mentioning here that Porsche holds a 45 per cent stake, while Rimac Group holds the remaining 55 per cent stake in Bugatti Rimac, the company formed in 2021 between Bugatti, Porsche, and Rimac.

“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.

How will the funding be used?

The funding will enable the Croatian unicorn to hire 700 workers and accelerate campus construction by next year in Zagreb. According to Mate Rimac, the new HQ will include manufacturing, warehouse space, offices, and laboratories. 

“Most of the capital will actually be used for scaling up to meet the demand for batteries and powertrains and the other systems to help the car industry go electric,” says, Mate Rimac. 

Nevera in “few weeks”

Rimac Group oversees the manufacturing of supercars, including Bugatti Chiron and Bugatti Bolide. Further, the company also plans to manufacture the $2.4M Rimac Nevera electric hypercar through the joint venture with Porsche. 

The Nevera will see its first customer deliveries in “the next few weeks,” Mate Rimac said. 

The company is also working on projects for other automakers such as Aston Martin, Koenigsegg, and Porsche reports Bloomberg. 

Company founder and CEO Mate Rimac says, “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.” 

He adds, “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.”

Produces electric vehicle components

Rimac Group is known worldwide as a rapidly upcoming company in the field of electrified vehicle technology. Its subsidiary Rimac Technology is focused on the development and manufacturing of high-performance electric vehicle components such as batteries and e-axles. 

The company produces tens of thousands of components annually, ranging from hybrid and fully electric battery systems to full rolling chassis. 

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