Rivian has raised $2.65 billion in its latest investment round, meaning it has now secured $8 billion since the start of 2019, an impressive sum for a private company.
The latest round of investment was led by funds and accounts advised by T. Rowe Price Associates, and included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, as well as several other existing and new investors, Tech Crunch reports. With these latest investments, Rivian is now valued at $27.6 billion.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles,” Rivian founder and chief executive RJ Scaringe said in a statement after the investment round. “The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”
Rivian made headlines in February 2019 when it secured $700 million in investments led by Amazon. Just two months later, Ford invested $500 million in the startup and in September and December of the same year, it raised $350 million and $1.3 billion in two rounds of funding. Last year alone, Rivian secured no less than $2.5 billion in additional investments.
Deliveries of Rivian’s first production model, the R1T Launch Edition electric truck, will start in June with prices starting at $75,000 before the $7,500 federal tax credit. The all-electric R1S SUV will reach the hands of customers in August and be priced from $77,500 before the tax credit. Sales of other R1S and R1T variants will commence in January 2022, while deliveries of Rivian’s all-electric delivery van developed for Amazon will also commence this year.