Rimac Automobili IPO: Revolutionizing the EV Industry

May 18, 2023 8:06 am
Published by: David Richardson

When it comes to electric cars, Rimac Automobili often pops up in conversation. It has manufactured some of the world's fastest EVs, and has had long-standing partnerships with big-name corporations like Volkswagen, Porsche, Hyundai, and Kia Motors.

Following a $537 million funding round in 2022, Rimac's valuation shot up to over $2 billion. Investors are excited about the Rimac Automobili IPO, but CEO Mate Rimac has yet to announce his intentions to go public.

In this article, we discuss everything we know so far about the Rimac Automobili IPO, including its history, funding rounds, and potential IPO dates.

About Rimac Automobili

Rimac Automobili is a Croatian-based car manufacturer that produces high-performance electric cars and battery packs, drivetrain systems, and other tech solutions for global automotive manufacturers. It has partnerships with Volkswagen, Porsche, Hyundai, and Kia Motors.

Brief History of Rimac Automobili

Founded by innovator and entrepreneur Mate Rimac in 2009 at the age of 21, Rimac Automobili started as a passion project.

Rimac loved building cars but wasn't satisfied with his creations. Though impressive, most of his early vehicles were heavy and had limited power and range. He made it his goal to create a one-of-a-kind vehicle that surpassed the industry’s speed and power standards and decided to stop at nothing to achieve it.

Once he had gathered enough funds, Rimac hired a team of experts to design an electric car from scratch using the components he had developed. The vehicle turned out to be a smashing success and garnered a lot of attention from the international media.

Shortly after the presentation, Rimac and Adriano Mudri—who was, at the time, one of the lead designers at General Motors—were invited by the royal family of the UAE.

The royal family funded Rimac's company and asked him to build them a high-performance vehicle. Rimac accepted and presented the vehicle at the Frankfurt Motor Show in 2011. The vehicle was one of the most unique concepts of its era, and drew comparisons with Tesla.

From then on, Rimac had a vision. He wanted to revolutionise and reinvent supercars with unique, never-seen-before technology. Though it isn't as popular as Tesla, it's slowly but surely taking the lead in the electric car industry.

Rimac Automobili Funding Rounds

Rimac Automobili has raised nearly $1 billion in funding, totaling approximately $875.8 million in over nine rounds. The most recent funding occurred in 2022, raising $537 million in its Series D investment round. The funding round was led by Softbank Vision Fund 2 and Goldman Sachs Asset Management.

Date

Funding Raised

Funding Name

Lead Investors

May 2022

€500M

Series D

Goldman Sachs, SoftBank Vision Fund

Apr 2022

€120M

Venture Round

InvestIndustrial Holdings

Mar 2021

€70M

Venture Round

Porsche Ventures

Sep 2019

Undisclosed

Venture Round

Porsche Ventures

May 2019

$90M

Corporate Round

Hyundai Motors, Kia Motors

Jun 2018

Undisclosed

Series B

Porsche Ventures

Sep 2017

€30M

Venture Round

Camel Group

Jun 2015

€50K

Grant

Undisclosed

Nov 2014

Undisclosed

Series A

Undisclosed

Rimac Automobili Plans For IPO

Rimac has yet to announce its plans to go public. When asked to comment further, a spokesperson said that the company is "considering different options" and hasn't decided which direction it'll go in just yet.

At the moment, Rimac is focusing on its partnership with Volkswagen. Volkswagen CEO Herbert Diess believes the partnership will likely open a joint venture with Porsche.

The $537 million funding round Softbank and Goldman Sachs led on June 1, 2022, raised Rimac's valuation to over $2 billion.

CEO Mate Rimac stated that the company might go public if the revenue reaches another billion, or when there's stability and predictability in the economic market. Therefore, while possible, an IPO may not occur until between 2024 and 2026.

Conclusion

Rimac Automobili is one of the biggest and most successful electronic car manufacturers and technology solutions.

As of June 2023, Rimac has yet to announce an official IPO date. CEO Mate Rimac has neither confirmed nor denied the possibility of an IPO, stating that the decision would depend on the revenue in the upcoming year.

Rimac Automobili raised funding of $537 million in 2022, raising the company's valuation to over $2 billion. The Rimac Group has raised $875.8 million since its inception in 2011.

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