Startups

Rivian Receives $350M in Third Investment This Year

Rivian Automotive raised $350 million from Cox Automotive on Tuesday, the startup’s third mega investment this year.

The auto technology company, which is based in Michigan and makes electric SUVs and trucks, was founded in 2009 but really started raking in cash earlier this year. Rivian raised $700 million in a round led by Amazon in February and $500 million from Ford Motors in April.

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Along with the investment, Rivian and Cox Automotive will look into partnering in areas like service operations, digital retailing and logistics, according to a statement from the companies.

Cox Automotive, which is part of Cox Enterprises, has almost 30 auto brands, including Kelley Blue Book and Autotrader.

“With the electrification of vehicles set to play a significant role in the new mobility future, this partnership opens another channel of discovery and learning for Cox Automotive,” said Joe George, president of Cox Automotive, in a statement. “Advancements in battery technology and the electrification of fleets are two of our primary focus areas, and we believe this relationship will prove to be mutually beneficial.”

Before Tuesday’s funding announcement, Rivian had $1.4 billion in total funding (corporate rounds and debt financing), according to Crunchbase data. Rivian will stay an independent company, it said in the statement, but Cox Automotive will have a seat on Rivian’s board.

In 2018, Rivian introduced its “adventure vehicles”– an electric SUV and an electric pickup truck. The vehicles are designed to have 400 miles of range and off-roading capacity.

 

Photo courtesy of Rivian Automotive

After the $500 million investment from Ford  in April, Rivian was valued at about $5 billion, according to Crunchbase.

In California, Rivian has offices in San Jose, Irvine, and Carson. Along with its Michigan headquarters, it has operations in Normal, Illinois and the United Kingdom.

Illustration Credit: Li-Anne Dias

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