Irvine-based Rivian Automotive Inc., which is backed by Amazon.com Inc. and other big-name investors, is close to raising a new round of funding that pegs a $25 billion valuation on the electric automaker.
A report from Bloomberg Tuesday said Rivian is set to raise “several billion dollars.”
The company last raised funds in July, pulling in $2.5 billion. That brought its total raised to date to over $5 billion with investors that include Amazon, Ford Motor Co., Cox Automotive, Fidelity Management and Research Company, Soros Fund Management LLC and BlackRock funds.
The latest news comes amid the automaker’s launch of its R1T truck and R1S SUV, with starting prices of $67,500 and $70,000, respectively.
In December, Rivian brought on Laura Schwab as vice president of sales and marketing. Schwab is the former Americas president of Aston Martin Lagonda Ltd., serving as the first female in that role at the luxury automaker.