© Reuters. Tesla’s (TSLA) High-end EV Rival Rimac Raises $537 Million From Softbank and Goldman Sachs, Considers IPO
By Senad Karaahmetovic
Croatian electric vehicle (EV) maker Rimac secured 500 million euros ($537 million) in the latest funding round led by Softbank (TYO:) and Goldman Sachs (NYSE:), joined by existing shareholders including Porsche.
The new funding takes Rimac’s total valuation to more than 2 billion euros ($2.14 billion), though the company’s founder and CEO, Mate Rimac, said he wants to double the company’s sales before considering a stock market listing.
Before launching an initial public offering (IPO), the EV startup would have to hit more than a billion in revenue. At the moment, the company is around halfway to reaching that target, Rimac added.
“When we are at that number, it makes sense,” he said. “When the hockey stick is flattening out a bit, when there is stability and predictability … currently it’s hard to predict what’s happening next year.”
The Croatian EV maker plans to use the fresh funding to expand its production plants and ramp up volumes in the technology business. The company aims to reach 100,000 batteries per year between 2024 and 2026, Rimac added.
The company currently employs more than 1,500 staff and wants to hire an additional 700 employees this year. Rimac is also considering several sites to build a new plant, with Italy looking like one of the appealing options at the moment due to the high availability of qualified workers.
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