JULY 23, 2021
Rivian has closed a $2.5 billion private 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. This 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 roughly $10.5 billion to date.
Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company’s adventure products as well as B2B products such as the Amazon last mile delivery vans. The company’s launch products, the R1T and R1S, provide an unmatched combination of performance, off-road capability and utility. These vehicles will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin in fall 2021. Learn more about our company, products and careers at rivian.com.