Amazon-backed Rivian closes $2.65 billion funding round as it prepares to ship its first electric SUVs and pickups

Rivian R1T
Rivian has snagged billions from major investors like Amazon and Ford.
  • Electric-vehicle startup Rivian said Tuesday it has closed a $2.65 billion funding round. 
  • It has raised $8 billion since 2019 from investors including Amazon, Ford, and BlackRock. 
  • Rivian is set to start delivering its battery-powered SUV, pickup truck, and delivery van this year. 
  • Visit Business Insider's homepage for more stories.

Amazon-backed electric vehicle startup Rivian announced another major funding round Tuesday as it cements its spot as one of the most formidable challengers to Tesla. 

The startup raked in $2.65 billion in a round led by T. Rowe Price. Fidelity, Amazon's Climate Pledge Fund, D1 Capital Partners, Coatue, and several other existing investors also chipped in. Bloomberg News reported earlier in January a funding round was in the works that could value the company as much as $25 billion, but Tuesday's announcement included no valuation. 

Since 2019, Rivian has raised $8 billion, making it one of the best-funded EV startups in the space. The firm announced a $2.5 billion investment in July, and a $1.3 billion round in December 2019. 

Read more: Early Rivian investors explain the 3 factors that could make the Amazon-backed startup the next Tesla

Those deep pockets should come in handy this year, as Rivian gears up to start delivering its first two consumer EVs: the R1T pickup and R1S SUV. Launch-Edition models are set to hit streets this summer, with cheaper entry-level versions arriving in 2022. 

Rivian is also developing an electric delivery van for Amazon, which has ordered 100,000 units to be rolled out over the next several years. The firm plans to deliver the first of those vans this year. 

"This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," Rivian founder and CEO RJ Scaringe said in a statement. "The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth."

Other investors in Rivian include BlackRock, Cox Automotive, and Ford. 

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