SoftBank and Goldman Sachs back EV supercar maker Rimac in €500m funding round
Giants SoftBank, Goldman Sachs and Porsche have backed electric vehicle (EV) supercar maker Rimac in a €500m funding round.
The Croatian company’s valuation soared to €2bn following the backing.
According to chief executive Mate Rimac, the investment will be used to scale up its driving robotaxi venture, which has been in the works for the last three years and is still “in stealth mode.”
“We are unlike other people, who show stuff that is far from being done,” he told the Financial Times.
As it widened the pool of investors, the company said it was considering a future IPO but the chief executive stressed he was not in a rush as his priorities were “building a strong company with a long-term view.”
Rimac’s decision to wait some time before listing on the stock market goes against a trend set by the likes of rival Rivian.
The EV truck maker sent investors into a frenzy when it floated on the NASDAQ in November.
Despite a market capitalisation of $105bn, Rivian’s total income for the year ended in September 2020 was zero as none of the company’s trucks were on the road, City PM reported.
“I mean it’s amazing that you can really get so much money right now for companies that don’t have a product,” Rimac said, adding he was scared by start-ups listing on the market too soon.
Rimac made the headlines last year when it acquired a 55 per cent stake in French luxury car maker Bugatti.