Rimac raises €500 million investment to continue rapid expansion

Electrified technology firm Rimac Group has raised €500 million (£425m) in funding which, it says, will be used to accelerate large-volume series production for global car makers. The funds were provided by several international businesses, including Japanese investment firm SoftBank as well as other current Rimac shareholders such as Porsche and Morgan owner Investindustrial. Despite the investment, company founder Mate Rimac remains the firm’s largest shareholder. The Croatian said the investment will help to support the company’s “ambitious growth plans”. “As we look to rapidly scale the group, establish new manufacturing processes to meet global automotive demand, recruit 700 talented team members in 2022, open new offices in several locations across Europe and expand our new production facilities at the campus and beyond, the backing of our expert investors will be an invaluable guide through this uncharted territory,” said Mate Rimac. “I would also like to personally thank all of our employees as without their hard work, loyalty and enthusiasm for the Rimac vision, we wouldn’t be here today.” With over 1500 employees, Rimac is currently on course to become the largest company in Croatia. The firm recently took control of hypercar maker Bugatti, which will soon relocate its headquarters to the Rimac Group campus on the outskirts of Zagreb. Porsche said Rimac’s continued investment into electrification meant the company had the potential to become an even stronger partner for the German firm. Lutz Meschke, deputy chairman of Porsche’s executive board, said: "We were already convinced of the company's potential in 2018 and are pleased that we were able to contribute to its progress and current success with our commitment. “With new investors on board, Rimac is further expanding its position in electromobility and thus becoming an even stronger partner for Porsche. The close cooperation creates added value on both sides in terms of technology and innovative strength." As well as Porsche, Rimac has also partnered with other automotive companies, such as Hyundai, Automobili Pininfarina, Koenigsegg and Aston Martin. In April, Italy-based Investindustrial announced an initial €120m (£99.7m) investment in Rimac. Company chairman Andrea Bonomi said the investment would help Rimac to continue its journey as the “driving force in the transition towards electromobility”.