Porsche continues to invest in Rimac

Porsche continues to invest in Rimac

Porsche has participated in another financing round of the Croatian electric car manufacturer Rimac. Within the framework of the Series D round, which is worth a total of 500 million euros, Porsche is investing a double-digit million sum in Rimac.

The new round of financing is led by Softbank Vision Fund 2, according to the Porsche release, with Goldman Sachs Asset Management joining as another new investor from the financial sector.

However, Porsche has not increased its shareholding with the renewed financing, but has merely prevented it from being diluted: following the transaction, Porsche continues to hold around 20 percent of the Rimac Group, with company founder and CEO Mate Rimac remaining the shareholder with the most shares.

The Rimac Group intends to invest the fresh capital in the expansion of production for high-volume projects, and 700 additional employees are to be hired this year alone.

"We are delighted that Rimac has gained new renowned investors, we are optimistic about the further development of this exciting company," says Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT. "With new investors on board, Rimac is further expanding its position in electromobility and thus becoming an even stronger partner for Porsche."

Last year, Rimac took over the Bugatti brand from the VW Group. The Rimac Group holds 55 percent and Porsche 45 percent of the joint venture named Bugatti-Rimac. Porsche is also a shareholder in the Rimac Group, as mentioned above.