Rivian announces $1.3 billion funding round

National

NORMAL, Ill. — Rivian announced it closed an investment round of $1.3 billion that was led by funds and accounts advised by T. Rowe Price Associates, Inc.

Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.

“This investment demonstrates confidence in our team, products, technology, and strategy – we are extremely excited to have the support from such strong shareholders,” said Rivian Founder and CEO RJ Scaringe.

The investment announcement is Rivian’s fourth of 2019. In February, Rivian announced a $700 million funding round led by Amazon. In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service.

Additionally, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.

No new board seats have been added, and additional details about the investment have not been disclosed.

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