Croatia-based Rimac Group (which owns a majority stake in Bugatti-Rimac) raised about 500 million euros (around $536 million at the current conversion rate) to fund its expansion plans. Porsche is one of the companies that participated in the latest fundraising round.
The investment was led by the SoftBank Vision Fund 2 and the Private Equity arm of Goldman Sachs Asset Management, though some of the Rimac Group's existing shareholders, including Porsche and InvestIndustrial (whose portfolio also includes a majority stake in Morgan Motors), participated in it as well. The new round of funding raises the company's value to over 2 billion euros (roughly $2.1 billion).
Some of the investment will be funneled into Rimac Technology, a division that's separate from Rimac's hypercar-building arm and whose task is to develop electric-car components for carmakers. It notably has partnerships with Hyundai, Koenigsegg, and Aston Martin. Looking ahead, Rimac Technology plans to gain the capacity to build a diverse selection of parts ranging from hybrid systems to rolling chassis.
Porsche began investing in Rimac in 2018 and it contributed an eight-figure sum to the latest round of fundraising. However, its aim is not to take over the firm. It continues to hold approximately 20% of the Rimac Group, and founder Mate Rimac remains the largest shareholder.