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July 26, 2021

Rivian has closed a $2.5 billion private funding round

Startup Rivian’s financing is going to plan; in its latest $2.5bn funding round Ford and Amazon are major participants.

By David Leggett

Electric vehicle startup Rivian has announced it has closed another funding round. The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc.

The round included participation by Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.

“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” said Rivian CEO RJ Scaringe. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”

“We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers,” said Dan Sundheim, Founder of D1 Capital Partners.

Rivian has raised $10.5 billion since 2019.

Rivian is reportedly exploring building a second US assembly plant. The first deliveries of the Rivian R1T electric pickup are slated for September.

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