Croatia-based supercar and electric bicycle maker Rimac Automobili attracted €80m ($93.7m) in funding on Tuesday in a round led by automotive manufacturer Hyundai Motor Company.
Kia Motors, a subsidiary of Hyundai, also contributed to the round. Hyundai supplied approximately $75m, while Kia provided the remaining $18.7m.
Founded in 2009, Rimac has developed a plug-in electric supercar dubbed the C_Two, and manufactures electric bikes under the Greyp brand. It also produces a wide range of specialist components, from electric powertrains to advanced driver-assistance systems and battery technologies.
Hyundai will collaborate with Rimac on developing a prototype electric version of its N brand sports concept car in addition to a high-performance electric vehicle, as part of a drive to deploy 44 environmentally-friendly models by 2025.
Rimac previously sold a 10% stake to automotive manufacturer Porsche in return for an investment of undisclosed size in June 2018. Porsche’s commitment was made as part of a series B round of undisclosed size that was led by battery producer Camel Group.
Camel had supplied an initial $35.3m in series B funding for the company in 2017, after battery and electric vehicle producer China Dynamics led a $12.5m series A round in 2014 that also featured Integrated Asset Management Asia and private investor Frank Kanayet Yepes.
Mate Rimac, founder and chief executive of Rimac Automobili, said: “We are very impressed by Hyundai Motor Group’s vision as well as prompt and decisive initiative.
“We believe this technology partnership will create maximum value for our companies and their customers. Rimac is still young and relatively small but a fast-growing company.
“We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a tier-1 electrification components supplier to the industry.”
