The Stuttgart sports car manufacturer is participating in a series D financing round from Rimac Group, a Croatian automotive technology company.

In this round, which came to about 535 million dollars (500 million euros), Porsche invested an eight-figure sum.

“We are very pleased that Rimac has secured a significant new investor, and we are optimistic about the development of this exciting company,” said Lutz Meschke, Vice President and Member of the Board of Management of Porsche AG responsible for Finance and Information Technology.

“We are already convinced of its potential in 2018 and we are pleased to know that our commitment has helped the company progress towards the success it is today.”

Porsche made its first investment in Rimac in 2018 and successively increased its holdings. “With this new investor, Rimac continues to expand its position in the electric mobility space, making it a stronger partner for Porsche,” said Lutz Meschke.

The new round of financing was led by Softbank Vision Fund 2. Another new investor from the financial sector was Goldman Sachs Asset Management. Following this operation, Porsche will continue to own approximately 20 percent of the Rimac Group. Rimac Automobili’s Founder and Director, Mate Rimac, continues to be the largest shareholder.

We have ambitious growth plans for the years to come and we are proud to have the support of major investors who share our vision,” said Mate Rimac.

“We thank Porsche for playing an important role in our success to date and for continuing to support us.” Rimac Group plans to invest the capital raised in expanding production for high-volume projects. The company also plans to hire 700 new employees by 2022.

New electric vehicle technology company

Rimac Group is a world-renowned company in the field of electric vehicle technology. Its subsidiary, Rimac Technology, focuses on developing and manufacturing components for high-performance electric sports vehicles; among them, the battery and the propulsion system.

The new investment round aims to promote the development of Rimac Technology, to become the technology partner of various car manufacturers globally.

In November 2021, Porsche and Rimac successfully completed the formation of a joint venture between the hypercar division of Rimac (Rimac Automobili) and Bugatti Automobiles. Under the joint venture, Bugatti and Rimac will continue to operate as independent brands and manufacturers.