Electric-vehicle startup Rivian on Tuesday said it secured another $2.65 billion in funding, from private investors including asset manager T. Rowe Price Associates, (TROW) - Get T. Rowe Price Group Inc. Report ahead of commercial delivery of EVs and other passenger-vehicle launches.
The company has now raised $8 billion since the start of 2019. It is likely valued at around $27.6 billion after this latest round of funding, Bloomberg reported.
This is the first round of funding for Rivian in 2021. Other current investors joining this round are Fidelity Management and Research, Amazon’s (AMZN) - Get Amazon.com Inc. Report Climate Pledge Fund, Coatue and D1 Capital Partners as well as several new investors, the company said.
“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.
"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.”
The Plymouth, Mich., company's electric R1T pickup truck and R1S SUV will be initially priced at $75,000 and $77,500, respectively.
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers," T. Rowe Price Portfolio Manager Joe Fath said.
In July last year, Rivian closed a $2.5 billion investment round, to bring its first all-electric pickup to market in 2021.