What’s the ‘secret sauce’ behind Croatian EV maker Rimac? – TechCrunch

The $2.2 billion startup has its sights set on an IPO — but certainly not a SPAC

Rimac Group manufactured Headlines in June after raising €500 million ($537 million) in a Series D round led by Goldman Sachs and SoftBank Vision Fund 2. The deal valued the Croatian startup at $2.2 billion, which begs the question: how did this company thrive when so many other EV manufacturers struggled?

Rimac, which merged its hypercar division with French supercar maker Bugatti in November, has taken a two-pronged approach the industry has never seen before: it continues to make hypercars as Bugatti Rimac, using the knowledge gained from that process to to develop technology for delivery to other automakers through its subsidiary Rimac Technology. The client list includes Porsche, a four-time investor that now owns a 20% stake in the company.

Founded in 2009 in the garage of then 21-year-old student Mate Rimac, the company has become a Croatian sensation and is one of the country’s two unicorns alongside Infobip, an IT and telecom company.

“I see their secret ingredient in the complementarity of the two companies – how the hypercar proving ground creates value for the B2B provider,” said Stephen Beck, founder and managing partner of consulting firm cg42. “The two companies feed off of each other without really competing against each other.” What’s the ‘secret sauce’ behind Croatian EV maker Rimac? – TechCrunch

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