Startups

T. Rowe Price Leads $1.3 Billion Funding Round In Midwest Electric Automaker Rivian

High-end electric vehicle manufacturer Rivian announced today that it’s raised $1.3 billion in a deal for new financing led by funds and accounts advised by T. Rowe Price. Prior investors including Amazon, Ford Motor Company, and funds managed by BlackRock participated in the deal, the announcement says.

This is, by far, the largest round Plymouth, MI-based Rivian has raised to date, and the fourth round of financing the company announced in 2019. In February 2019, Rivian announced that it raised $700 million from Amazon. The company raised an additional $500 million from Ford Motor Company in April, and another $350 million from Cox Automotive in September.

In other words, the company has raised nearly $2.85 billion in combined funding in 2019 alone, according to Crunchbase data.

“This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,” said company founder and CEO RJ Scaringe.

Rivian plans to begin shipping its flagship R1T and R1S vehicles, which are designed for outdoor performance and are expected to have a 400+ mile range, all under electric power, at the end of 2020.

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