Harbinger – a leading medium-duty electric vehicle (EV) company – announced it has raised $100 million in Series B funds. The funding round was co-led by Capricorn’s Technology Impact Fund (a part of the VC firm with $10 billion under management and investments in leading electrification companies) and Leitmotif (a new U.S. venture capital firm anchored by European industrial interests). The Series B round also includes a significant additional investment from leading investment firm Tiger Global and continued support from other return investors, including The Coca-Cola System Sustainability Fund, managed by Greycroft; ArcTern Ventures, a prominent climate tech investment firm; THOR Industries and its investment partner TechNexus; as well as continuing investments by Ridgeline, Maniv Mobility, Ironspring Ventures, Schematic Ventures, and Overture Climate.
Harbinger will use the funding to substantially accelerate its growth by deploying higher volume production capacity to meet the demand for its purpose-built electric platform. Harbinger will also use the funds to expand its sales, parts, and service operations for nationwide deployment.
Harbinger’s ability to secure substantial capital, especially in a challenging economic environment, reflects the company’s track record, investor confidence, and large unmet demand for its core product. Some of the milestones include:
An order book of 4690 vehicle orders, valued at approximately $500 million, from notable customers, including:
— Bimbo Bakeries USA (the U.S. business of Grupo Bimbo, which is the world’s largest baking company, and producer of iconic brands including Sara Lee Bread, Thomas’, Entenmann’s and more);
— THOR Industries, the world’s largest recreational vehicle (RV) manufacturer known for its family of companies which include Airstream, Jayco, Tiffin, Thor Motor Coach and others (THOR and Harbinger recently unveiled the world’s first Class A hybrid motorhome. Built on a Harbinger hybrid platform with a range of up to 500 miles, this RV is praised for driving like a car).
So far, the company has raised $200 million since launching in 2021. And Harbinger has closed two up-rounds during an extended down-market period, including its successful $73 million Series A funding round that closed in 2023. Harbinger has also assembled a management and technical team from Tesla, Rivian, Ford, Anduril, SpaceX, Toyota, Honda, Volvo Trucks, and Mack Trucks.
The Series B funds will position Harbinger to:
1.) Ramp to higher-volume production capacity through the initial start of production and beyond to meet extraordinary customer demand for the company’s products
2.) Advance the build-out of the company’s distribution, customer support and service operations
3.) Invest in new product lines and continued technology development, especially around ADAS technologies and complementary products such as the company’s recently announced hybrid RV chassis and future cab chassis.
The funds give Harbinger the flexibility to invest in long-term, higher-volume supplier tooling, a key component to improving the cost of goods sold and keeping vehicle prices low for customers. The funds will also be invested in marketing and sales activities as the company builds a solid dealer-supported sales and service network.
One of the primary key drivers of customer interest is that Harbinger offers a superior EV product at price parity with traditional gasoline and diesel vehicles after federal government tax incentives. The company achieves this mainly through its vertically integrated approach to building its proprietary EV-stripped chassis.
This electric chassis was designed for medium-duty vehicles, such as walk-in vans, box trucks, recreational vehicles (RVs), delivery vans, emergency and disaster response vehicles, and more. And the stripped chassis includes all major vehicle systems, which Harbinger designs and assembles in-house. This approach enables the company to maintain tight controls on the quality of its product while keeping costs low and delivering a higher-performing, safer. It is a more durable solution than electric vehicle retrofits on existing combustion engine platforms. Harbinger’s pragmatic approach to EV development and commercialization is central to the company’s success.
KEY QUOTES:
“Harbinger has demonstrated a remarkable ability to reach significant milestones far quicker than other EV companies. The market has been impressed by their ability to develop large portions of the vehicle in-house to drive down unit costs, while remaining capital efficient.”
– Dipender Saluja, Managing Partner of Capricorn Investment Group’s Technology Impact Fund
“Harbinger is leading the medium-duty trucking industry toward electrification, and customers have responded with strong and growing interest. Our objective is to support companies making strides toward decarbonization and that have the potential to become category-defining players in their respective industries. Harbinger’s versatile electric or serial-hybrid chassis can serve nearly every use case in the medium-duty vehicle segment. It’s an ideal fit that will accelerate the trucking industry’s shift to an electric world.”
– Jens Wiese, Managing Partner, Leitmotif; and former Head of Group M&A, Investment Advisory and Partnerships at Volkswagen AG
“Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform. These funds catalyze significant revenue generation. We’ve developed a vehicle for a segment that is ripe for electrification, and there is a strong product market fit that will help fuel our upward trajectory through 2025 and beyond.”
– John Harris, Co-founder and CEO, Harbinger
