The startup, valued at $2.2 billion, has an IPO target – but definitely not a SPAC
Performed by Rimac Corporation title in June after it raised 500 million euros ($537 million) in a Series D round led by Goldman Sachs and SoftBank Vision Fund 2. The deal values the Croatian startup at $2.2 billion, raising the question: How did this company come to be? succeed while so many other electric vehicle manufacturers have struggled?
Rimac, which merged its supercar division with French supercar maker Bugatti in November, has taken a two-pronged approach the industry has never seen before: It continues to produce super car like Bugatti Rimac while also using the knowledge gained from that process to develop technology that is made available to other automakers through its subsidiary Rimac Technology. Its client list includes Porsche, a four-time investor who now holds a 20% stake in the company.
Established in 2009 in garage by Mate Rimac, then a 21-year-old student, the company became a craze in Croatia, being one of the country’s two unicorns, along with Infobip, an IT and telecommunications business.
“I see their secret sauce as the complementary nature of the two businesses – the way that test beds for supercars create,” said Stephen Beck, founder and managing partner of management consulting firm cg42. value for B2B providers. “Two businesses are entangled with each other without really competing with each other.”