Electric-vehicle startup Rivian Automotive LLC has raised another $2.65 billion, bolstering its balance sheet as it looks for an edge in the nascent market for electric trucks.
Asset manager T. Rowe Price Associates Inc. led the round, which also included Fidelity Investments, Coatue Management and Amazon.com Inc., all of whom have already backed the auto maker, Rivian said Tuesday. The influx of capital for the Irvine, Calif.-based company came at a valuation of $27.6 billion, according to a person familiar with the matter, and adds to the $5.35 billion that the company raised in five earlier funding rounds dating back to 2019.
Auto maker Ford Motor Co. also holds a stake in Rivian after investing $500 million in 2019. It wasn’t clear whether Ford participated in this round.
The new money will allow the company to focus on launching three products this year while scaling up for growth, said RJ Scaringe, Rivian’s founder and chief executive, in a statement.
The new funding round illustrates that the torrent of new investment into electric-vehicle companies shows no signs of slowing so far in 2021. Investors are betting smaller challengers can take on legacy auto makers, causing valuations for all electric-vehicle companies to balloon over the past year.