Rivian has secured $2.5 billion in fresh funding, meaning it has now raised roughly $5.3 billion since the start of 2019.
The latest round of funds came from the likes of Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders including Amazon and BlackRock also joined the latest funding round.
This marks the largest funding round in the history of the electric vehicle startup. Rivian started securing a huge amount of money from February 2019 onwards after a $700 million funding round led by Amazon.
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Last year the company also received a $500 million investment from Ford, a $350 million investment from Cox Automotive, and $1.3 billion in a round led by funds and accounts advised by T. Row Price Associates and including participation from Amazon, Ford, and BlackRock, Tech Crunch reports.
News of Rivian’s latest round of funding comes three weeks after it announced it would move most of its operations to a new facility in Irvine, California. Chief executive RJ Scaringe has led the move as the company wants to consolidate the company’s tech resources into a single location. It is understood Rivian is also working on a 190,000 square-foot office in Orange County that will serve as its new headquarters, replacing the current HQ in Plymouth, Michigan.
“Of Rivian’s 2,300 employees, approximately 1,000 are based in California and 750 in Michigan, and we are consolidating some engineering teams to our locations in California to improve workflows and reduce environmental impact from travel,” the company said in a statement regarding the move last month.
“We’ve recently completed an expansion at our Michigan location and it will remain an important presence for us. We are also committed to creating a vibrant and inviting manufacturing presence in Normal, Illinois, where all Rivian vehicles will be produced. As we grow, we’ll keep evaluating and evolving our footprint and geography.”
