Rimac Moving Full Steam Ahead After Securing €10 Million Investment
- by croatiaweek
- in Business
Croatian high-performance electric vehicle manufacturer Rimac Automobili, who have been one of the success stories in Croatian business over the last few years, have announced that it has raised 10 million euros from three main investors at the end of its first round of investment…
The company from Sveta Nedelja, Croatia, started its journey five years ago and is now able to follow its long-term plan at an even faster pace thanks to major capital investment from Columbian tycoon Frank Kanayet Yepes, Forbes owner Tek Cheung Yam, and Chinese company China Dynamics.
“We are delighted that we have established a close collaboration with international investors who appreciate our value and potential. The funding will enable us to launch new products to the market and increase our production capacity,” said founder and majority shareholder of Rimac Automobili, Mate Rimac.
First to invest was Yepes back in February 2014 when he acquired 3% of the company shares. However, he decided to double his investment during the year due to the fact that other high-profile investors wanted to join. This resulted in the current 6% stake in the company. Yepes is known for his ability to seize good business opportunities. His wealth originates from the oil business but later he decided to focus on alternative energy sources. In addition, he is a FIA Formula E investor, the owner of several racing teams as well as the Ferrari and Maserati importer for Colombia. “The trigger to invest was Mate, his confidence and the technology he has developed with so little resources.“ Frank believes that Rimac Automobili will be a success story that started in a garage, but he remarks that the company still has a long way to go.
“His entrance to the company opened new business opportunities such as a collaboration with the FIA Formula E. I have to admit, he gave me the best birthday present ever. The first investment to the company was done by Frank on my birthday, February 12th 2014,” said Rimac.
The second investor to join was Tek Cheung Yam through his company Integrated Asset Management Asia Limited – IAMAL. IAMAL has recently purchased a majority stake of Forbes. IAMAL has acquired a 2% stake in Rimac Automobili.
The single largest investor is China Dynamics, a company active in the electric vehicle industry in China, that has acquired 10% of shares based on a valuation of 70 million Euros. With China Dynamics on board the series – A investment round is closed.
With the company’s valuation at 70 million Euros, Rimac Automobili is racing into a bright future. Mate Rimac will take no break.
“During this year we grew from 20 to 60 extraordinary members of our team and we plan to continue our expansion at the same pace. In the past years, we have been growing organically by executing demanding projects for high-profile companies in the automotive industry. We have developed and manufactured various vehicles for other companies, as well as delivered various solutions such as battery and infotainment systems. The raised capital is dedicated to the development and commercialization of our future sportscar models and an increase of our production capacity.”
Mate Rimac founded Rimac Automobili in 2009 as an extension of his garage hobby – building and racing electric cars. The company has developed a high performance electric supercar, presented at the Frankfurt Auto Show 2011, only two years after the founding of the company. In the same year, Mate Rimac broke five FIA and Guinness records with e-M3 development car. (Rimac Automobili).