Automotive manufacturer Porsche agreed yesterday to pay an undisclosed sum for a 10% stake in Croatia-based supercar and electric bicycle developer Rimac Automobili as part of the latter’s series B round.
Rimac has not revealed the size of the round but it was led by Camel Group, the battery producer that provided the first $35.3m in September 2017.
Founded in 2009, Rimac has designed and built two all-electric concept supercars, and sells electric bikes under the Greyp Bikes brand. It also provides specialist components and turnkey technology for electric vehicle developers.
In addition to investing, Porsche has formed a development partnership with Rimac, which will use the series B capital to support international expansion.
Mate Rimac, Rimac’s founder and chief executive, said: “Entering the collaborative partnership with Porsche AG is an important step in our strategy to become a leading EV technology supplier to the global [original equipment manufacturer].
“We are delighted to have gained a high level of trust from our investors, partners and customers and are looking forward to continue working on exciting projects with our clients across the automotive industry.”
Mine owner and electromobility technology producer China Dynamics had led Rimac’s $12.5m series A round in 2014, investing together with Integrated Asset Management Asia and individual investor Frank Kanayet Yepes.
– Photo courtesy of Rimac Automobili.