Rivian, EV startup has raised $2.5 billion, in a round led by funds and accounts advised by T. Rowe Price Associates Inc.
New investors Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group participated. Existing shareholders Amazon and funds managed by BlackRock also joined the round. Earlier in 2019 Rivian had raised $2.85 billion, through a series of investments.
Rivian had announced in 2019 that it has been developing an electric delivery van for Amazon using its skateboard platform. Amazon ordered 100,000 of those vans, with deliveries scheduled to begin in 2021. Rivian is setting up its factory in Normal, Illinois to assemble its R1T electric pickup truck and the R1S SUV.