While recent high-profile bankruptcies have cast doubt on EV startups lately, midsize electric truck maker Harbinger got some credibility this week with a massive $100 million Series B round of funding co-led by Capricorn's Technology Impact Fund.
It's been a rough few weeks for EV startups like Lion Electric and Canoo, but box van maker Harbinger is bucking the trend, fueling its latest funding round with an order book for 4,690 vehicles worth nearly $500 million. Some of the company's most notable clients include Bimbo Bakeries (which owns brands like Sara Lee, Thomas', and Entenmann's) and THOR Industries (Airstream, Jayco, Thor), which is also a Series B investor.
Other notable investors include Tiger Global, Coca-Cola System Sustainability Fund, and ArcTern Ventures.
On what makes Harbinger such an attractive investment prospect, Dipender Saluja, Managing Partner of Capricorn Investment Group's Technology Impact Fund explains, “Harbinger has shown an incredible ability to reach key milestones much faster than other EV companies… the market is impressed by their ability to develop large parts of the car in-house to reduce unit costs, while remaining efficient.”
The company plans to use the capital to ramp up to higher volume production capacity and deliver existing orders, as well as to build the company's sales, customer support, and service operations.
“Harbinger is entering a phase of rapid growth where we are focused on growing the production of a customer-friendly platform,” said John Harris, founder and CEO. “These funds have a big impact on making money. We have developed a segment vehicle that is ready for electrification, and there is a strong product/market fit that will help drive our upward trajectory through 2025 and beyond.”
The company has raised $200 million since its founding in 2021.
SOURCE | PHOTOS: The Harbinger.
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