Rivian has announced a new round of funding raising nearly $3 billion under in a year.
Rivian has raised $1.3 billion in a new financing round led by T. Rowe Price following prior rounds earlier this year led by Amazon, Ford and Cox Automotive. Amazon has invested nearly $700 million, while Ford and Cox Automotive have invested $500 million and $350 million respectively. This round is the fourth round of capital raised by EV startup.
Rivian was founded by Robert “RJ” Scaringe in 2009. The Michigan based company develops products and services related to sustainable transportation, is now aiming to put fully electric cars in market. For instance, the company is set to run R1T pickup truck and the R1S sport utility vehicle on the roads by the end of 2020. The startup has also collaborated with Amazon on all –electric delivery vans, among those 100,000 have been booked by the ecommerce giant itself for expansion of faster deliveries.
The total capitalization puts the Michigan startup at over $3 billion in valuation since its foundation. This signifies that Rivian is ahead of all other US-based EV startups that have tried to mark their space in the EV market. Not just investment, but Rivian is also secured with commercial partnerships from Amazon and Ford, and it is arguably in a better position to grow and succeed than some of the most high-profile EV startups present globally.
For a company that is almost out of nowhere, has made itself one of the better existing contenders to take on Tesla, especially in the truck and SUV categories, where Elon Musk’s founded has less footprint,, with only Model X available to purchase so far.