Source: CNBC
Summary
Rivian, an electric vehicle startup, has raised $2.65 billion in funding ahead of its initial public offering (IPO). The company has raised a total of $12.3 billion across its three startups. Founder and CEO RJ Scaringe has a history of securing significant funding for his ventures.
Our Reading
The launch follows a familiar script.
Rivian raises billions, promises electric vehicles, and gets ready for an IPO. Because that’s exactly what the market needs, another electric vehicle startup with a hefty price tag. RJ Scaringe’s ability to raise money is impressive, but it’s not like we haven’t seen this story before. Rivian’s $12.3 billion war chest is just the latest example of how to make a splash in the EV market. And we can’t help but wonder, how long until the next big funding round?
Author: Evan Null
