The new European Unicorn who wants to compete Tesla

June 2, 2022
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Rimac Group, which became the first Croatian unicorn about a month ago, with a raising of 120 million euros (€), has just announced that it has raised 500 million euros ($537 million) bringing the valuation of the automotive group to 2 billion euros!

Presentation of this new automotive group

Founded in 2009 in Croatia, the group is very well positioned in the manufacture of hypercars (term designating cars that combine modernity and energy efficiency). Their main model, the Nevara, whose video presentation can be accessed below, is presented as "capable of exceptional speeds, designed and handcrafted in Croatia [...] and forged from a love for the automobile"

Their models are produced in complete series, from design and engineering to the final product.

Their high quality products and engineering have allowed them to raise almost a billion euros in funding already, which will then lead, according to founder Mate Rimac, to quickly consider an IPO, when revenues would reach more than a billion dollars, while explaining that half of the threshold was about to be crossed.

A unicorn that wants to become a reference in the automotive industry

Rimac Group currently employs 1300 people. A very large part of them develops and tests components and solutions with very high technological performance for the group, but also for the account of very famous and even prestigious brands such as Hyundai, Porsche and Aston Martin.

All this bodes well for the electric car market: sales are expected to account for a third of the market by 2025, but will exceed 50% by 2030.

Note that the Croatian unicorn is only the 6th European unicorn in the automotive sector, and surely with very high potential, when we see that Porche did not hesitate to invest and collaborate with it like they've ever made with the unicorn Group14 Technologies (see our article about it here). So it's really a good news for Europe, in a sector where the majority of unicorns are Chinese (see our article about it).
We can also mention the company share acquired from Investindustrial. The Italian investment fund is already the majority shareholder of Bugati. This investor is particularly interested in :

"We will put our expertise and our international network at the service of Rimac. We want to be a solid and long-term partner in the implementation of the Group's cutting-edge technologies, which are fundamental to pursue the objective of further strengthening its leadership in the electric mobility sector".Andrea C. Bonomi, Chairman of the Advisory Board of Investindustrial.

By
Arthur
Unicorns analyst
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