Croatian electric vehicle (EV) start up Remake Group Says it has been raised € 500 million ($ A743 million) As part of its Series D investment round.
This latest splash of extra cash puts an end to the business’s claimed valuation € 2 billion ($ A2.97 billion).
The fundraising round was led by existing remake shareholders, including venture capital fund SoftBack Vision Fund 2 and private equity business Goldman Sachs Asset Management, Porsche and InvestIndustrial.
Series D investment rounds rarely occur in start-up companies, but they usually increase the value to the company before they go public.
Met Remake Remake remains the largest shareholder in the group.
As previously detailed, Rimac has recently launched a unique remake technology business that will continue to expand the engineering, development and supply of high-performance EV battery systems, electric drive units, electronic systems and user interface components.
This latest fundraiser will be used primarily to advance remake technology as it launches “large-scale” mass production for manufacturers worldwide.
Mr Remack added that the increase would allow the company to recruit 700 new team members by 2022, open new offices across Europe and expand new manufacturing facilities.
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Remake Campus
Remake technology is increasing its production capacity and finishing new work € 200 million ($ A297 million) headquartered in Zagreb, Croatia.
Entitled ‘Remac Campus’, it will serve as the production base for all future remake products and their core components, including the company’s International Research and Development (R&D) and Remake Nevera.
Due to the new joint venture, the campus will also be the R & D’s residence for future Bugatti models, although the vehicles will be manufactured at Bugatti’s Molsheim plant in France.
Remake recently joined forces with Bugatti to form a new joint venture company called Bugatti Remake, with Remake founder Matt Remake becoming CEO of both brands.
The joint venture saw Bugatti emerge from under the Volkswagen Group’s umbrella, although Porsche has a 45 percent stake in Bugatti Remake.
For now, individual brands will continue to operate separately, maintaining their existing production facilities and distribution channels.
“We are seeing rapid demand for electrification in an industry that faces significant challenges in adapting to these technological changes,” said Jimmy MacDonald, an investor in Softbank Investment Advisors.
“Remake has established itself as a leading EV technology partner to global OEMs, supporting their transformation into a fast-paced electric future.”
“We are pleased to build on this success and support Mate and his team to take the remake to the next level.”
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