8 Big Things: A Motor City Auto Startup for $ 2.85 billion a year

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It was a sleepy start to 2020 in Silicon Valley and other startup-centric environments. The private markets seem to be immersed in a holiday hangover that only appears fair afterwards

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "The frenzied pace of 2019, Enjoy a break for heaven's sake! And hey – it's a leap year, so you definitely have 24 additional potential hours to look forward to. "Data reactid =" 12 ">The frenzied pace of 2019, Enjoy a break for heaven's sake! And hey – it's a leap year, so you have 24 additional potential hours to look forward to.

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But the past two weeks have still brought their part of the intrigue in doing business. Including an electric vehicle recovery that raised $ 1.3 billion in a round led by one of the world's largest investors, this was the latest step in the company's efforts to raise capital at a rarely seen rate. "Data reactid =" 14 ">
But the past two weeks have still brought their part of the intrigue in doing business. Including an upturn in electric vehicles that raised $ 1.3 billion in a round led by one of the world's largest investors. This was the latest step in the company's efforts to raise capital at a rate that is rarely seen.

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T. Rowe Price has joined other big names like Ford and Amazon to bet that Rivian will help revolutionize the road. This is one of eight things you need to know in the past two weeks: "data-reactid =" 16 ">
T. Rowe Price has joined other big names like Ford and Amazon to bet that Rivian will help revolutionize the road. This is one of eight things you need to know in the past two weeks:

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<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "A look at Rivian's R1T pickup (dog not included).
(Courtesy of Rivian)
1. Rivian turns for a long time after its founding in 2009, Rivian remained under the radar. In the past two years, the developer of semi-autonomous electric trucks and SUVs has developed into a donation juggernaut. Just before Christmas, the company unveiled a new $ 1.3 billion investment led by T. Rowe Price. In 2019 alone, total funding was an impressive $ 2.85 billion. In total, Rivian has raised more than $ 3.3 billion in private capital. "Data reactid =" 18 ">A look at Rivian's R1T pickup (dog not included).
(Courtesy of Rivian)
1. Rivian turns for a long time after its founding in 2009, Rivian remained under the radar. In the past two years, the developer of semi-autonomous electric trucks and SUVs has developed into a donation juggernaut. Just before Christmas, the company unveiled a new $ 1.3 billion investment led by T. Rowe Price. In 2019 alone, total funding was an impressive $ 2.85 billion. In total, Rivian has raised more than $ 3.3 billion in private capital.

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The numbers are impressive; The list of investors responsible for them is likely to be even more extensive. T. Rowe Price is one of the largest asset managers in the world. Amazon also took part in the round. And Ford Motor and BlackRock, two other Fortune 500 members who are close to the highlights of their respective industries. "Data reactid =" 20 ">
The numbers are impressive; The list of investors responsible for them is likely to be even more extensive. T. Rowe Price is one of the largest asset managers in the world. Amazon also took part in the round. And Ford Motor and BlackRock, two other Fortune 500 members who are close to the highlights of their respective industries.

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For both Amazon and Ford, funding means deepening an existing relationship with Rivian. Amazon made a $ 700 million investment in the company in February 2019, and in September the trading colossus announced that it had ordered 100,000 electric vans from Rivian. Meanwhile, Ford pumped $ 500 million into Rivian in April and planned to work with the company on a new electric vehicle project. Cox Automotive provided the rest of Rivian's support for 2019, offering $ 350 million in September. "Data reactid =" 22 ">
For both Amazon and Ford, funding means deepening an existing relationship with Rivian. Amazon made a $ 700 million investment in the company in February 2019, and in September the trading colossus announced that it had ordered 100,000 electric vans from Rivian. Meanwhile, Ford pumped $ 500 million into Rivian in April and planned to work with the company on a new electric vehicle project. Cox Automotive provided the rest of Rivian's support for 2019, offering $ 350 million in September.

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Rivian is headquartered in Plymouth, Michigan, about 40 km west of Detroit, the traditional heart of the US auto industry. The company takes a holistic approach to electric vehicles and builds its trucks and SUVs from scratch instead of making changes to existing designs. And after more than a decade of development, the market launch is approaching. Rivian has announced that full production of the first two vehicles in the United States will begin this year. "Data reactid =" 24 ">
Rivian is headquartered in Plymouth, Michigan, about 40 km west of Detroit, the traditional heart of the US auto industry. The company takes a holistic approach to electric vehicles and builds its trucks and SUVs from scratch instead of making changes to existing designs. And after more than a decade of development, the market launch is approaching. Rivian has announced it will begin mass production of the first two vehicles in the United States this year.

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There are many reasons to believe that electric vehicles will play a greater role in the automotive sector by 2020 – and many other names besides Rivian are eager to take their place in the still young market. "Data reactid =" 26 ">
There are many reasons to believe that electric vehicles will continue to play a bigger role in the auto sector until 2020 – and many other names besides Rivian are keen to take their place in the young market.

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The best known is Tesla, whose traditionally volatile title is in the midst of a serious bull run. The company's share price has almost doubled in the past four months, thanks in part to strong financial results and analysts' assessment that the company will continue to exceed expectations. Nio, a Chinese developer of high-end electric vehicles traded on the NYSE, recently saw a surge in stock prices after impressive own financial results. And on Friday, Reuters reported that Lixiang Automotive, another Chinese EV company, has filed for an IPO in the U.S. that could raise at least $ 500 million. "Data reactid =" 28 ">
The best known is Tesla, whose traditionally volatile title is in the midst of a serious bull run. The company's share price has almost doubled in the past four months, thanks in part to strong financial results and analysts' assessment that the company will continue to exceed expectations. Nio, a Chinese developer of high-end electric vehicles traded on the NYSE, recently saw a surge in stock prices after impressive own financial results. And on Friday, Reuters reported that Lixiang Automotive, another Chinese EV company, has filed for an IPO in the U.S. that could raise at least $ 500 million.

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Rivian also has significant competition in the private markets. Another Chinese developer, Byton, has reportedly raised or is about to invest $ 500 million in new funds for its EV efforts. Lucid Motors transferred more than $ 1 billion from Saudi Arabia's public investment fund in 2018, and Zoox, another Bay Area company, raised hundreds of millions of dollars from multiple VCs to power its innovative autonomous cars design and build. 30 ">
Rivian also has significant competition in the private markets. Another Chinese developer, Byton, has reportedly raised or is about to invest $ 500 million in new funds for its EV efforts. Lucid Motors raised more than $ 1 billion from the Public Investment Fund in Saudi Arabia in 2018, and Zoox, another Bay Area company, raised hundreds of millions of dollars from multiple VCs to develop and build its innovative autonomous cars.

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However, in terms of alliances made with established names in the auto and financial industries, Rivian's closest counterpart could be Cruise, General Motors-powered autonomous driving technology developer that was reported to be worth $ 19 billion in 2019. In addition to GM, Cruise includes names like Honda, SoftBank, and T. Rowe Price (she again) among his supporters. Like Rivian, several large companies have a legitimate interest in helping the company succeed. "Data reactid =" 32 ">
However, in terms of alliances made with established names in the auto and financial industries, Rivian's closest counterpart could be Cruise, General Motors-powered autonomous driving technology developer that was reported to be worth $ 19 billion in 2019. In addition to GM, Cruise includes names like Honda, SoftBank, and T. Rowe Price (she again) among his supporters. Like Rivian, several large companies have a keen interest in helping the company succeed.

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That certainly doesn't mean that success for Cruise or Rivian is guaranteed. But in the startup world, as in life, it is always helpful to have strong friends. 2. What is in a gig? In September, California Governor Gavin Newsom signed California Assembly Bill 5, a new law to improve working conditions for gig workers and contractors. But some of the companies that were the main targets of the new legislation don't give up easily. In late December, Uber and Postmates filed a lawsuit against California and its attorney general, alleging that AB5 violated certain constitutional protections. This is just a key part of their attempts to topple the law, which would force companies to treat their drivers like employees: Uber, Postmates, Lyft, DoorDash and Instacart together donated $ 110 million for a new California initiative, which would exempt them from tax, according to reports. & nbsp; 3. A final farewell The separation between Uber and founder Travis Kalanick is now final. The ride-hailing company announced on Christmas Eve that Kalanick would step down from the board in late December. A spokesman confirmed to the media that Kalanick had sold all of his Uber shares and completed a multi-billion dollar liquidation that he started after Uber's arrest, the November deadline expired. For one of the most discussed founders of the 2010s, it was an unfavorable end in the company – with the exception of a return like Steve Jobs, of course. 4. Sports activities About two and a half years after the planned merger with his biggest rival, FanDuel, the daily fantasy sports pioneer DraftKings has finally found the right offer. The company recently announced plans to go public with a $ 3.3 billion three-way combination with SBTech, an online sports betting provider, and Diamond Eagle Acquisition, a special purpose vehicle, which may have an IPO in May of 400 million US dollar, announced. DraftKings, which raised nearly $ 900 million in VC in the first five years after it was founded in 2012, will trade after the deal on Nasdaq. "Data reactid =" 38 ">
That certainly doesn't mean that success for Cruise or Rivian is guaranteed. But in the startup world, as in life, it is always helpful to have strong friends. 2. What is in a gig? In September, California Governor Gavin Newsom signed California Assembly Bill 5, a new law to improve working conditions for gig workers and contractors. But some of the companies that were the main targets of the new legislation don't give up easily. In late December, Uber and Postmates filed a lawsuit against California and its attorney general, alleging that AB5 violated certain constitutional protections. This is just a key part of their attempts to topple the law, which would force companies to treat their drivers like employees: Uber, Postmates, Lyft, DoorDash, and Instacart together donated $ 110 million for a new California initiative, which would exempt them from tax law, according to reports. 3. A final farewell The separation between Uber and founder Travis Kalanick is now final. The ride-hailing company announced on Christmas Eve that Kalanick would step down from the board in late December. A spokesman confirmed to the media that Kalanick had sold all of his Uber shares and completed a multi-billion dollar liquidation that he started after Uber's arrest, the November deadline expired. It is an unfavorable end for one of the most discussed founders of the 2010s – with the exception of a Steve Jobs-like return, of course. 4. Sports activities About two and a half years after the planned merger with his biggest rival, FanDuel, the daily fantasy sports pioneer DraftKings has finally found the right offer. The company recently announced plans to go public with a $ 3.3 billion three-way combination with SBTech, an online sports betting provider, and Diamond Eagle Acquisition, a special purpose vehicle, which may have an IPO in May of 400 million US dollar, announced. DraftKings, which raised nearly $ 900 million in VC in the first five years after it was founded in 2012, will trade after the deal on Nasdaq.

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<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "The spread of legal sports betting in the US could be very profitable for DraftKings.
(Liveslow / iStock / Getty Images Plus)
5. High goals What companies like Redfin, Zillow and Opendoor have done for the US real estate market is being attempted by a startup called Loft in Latin America. Andreessen Horowitz seems to be convinced of this: On Friday, the company jointly led an investment of $ 175 million in the Brazilian start-up, which has big dreams of its property valuation services. Vulcan Capital was instrumental in the funding, while names such as Fifth Wall Ventures and Thrive Capital also participated. 6. Unicorn Dreams ClassPass has found a fascinating way to establish a VC-supported fitness boom by raising more than $ 250 million in venture capital for its subscription service, giving users access to a diverse group of different training classes and -studios offers. However, the New York-based company has even higher goals in mind: ClassPass is looking for information from the SEC that Reuters has uncovered for new funding options of $ 285 million. The round was reportedly pushing its valuation beyond $ 1 billion, making the business a very rare fitness unicorn. 7. Under the Wire The last days of 2019 brought resolutions – or something similar – to a couple of long-running storylines. KKR completed the purchase of the Arnott biscuit brand and other Campbell Soup international assets for $ 2.2 billion. Austria's AMS acquired almost 60% of the long-term goal of Osram, a German lighting company. However, there is still speculation that the sensor manufacturer may need to improve its offering to buy some of AMS 'existing hedge fund supporters. And at Boeing, a rush of criticism became too much for CEO Dennis Muilenburg, who was fired on December 23 in the midst of the ongoing tragic crisis surrounding his company's 737 MAX aircraft. 8. In the ether About two and a half years after its last VC funding, Plume, which manufactures wireless systems for home users that offer better coverage than traditional routers, raised just under $ 48 million in new funds for a SEC filing End of December. Another company that deals with air transmission was also involved with Pyka. The manufacturer of electric, autonomous spray drones is said to have raised $ 11 million in seed, a substantial amount that should be used at such an early stage for a start-up hoping to shake the agricultural industry. "Data reactid =" 40 ">The spread of legal sports betting in the US could be very profitable for DraftKings.
(Liveslow / iStock / Getty Images Plus)
5. High goals What companies like Redfin, Zillow and Opendoor have done for the US real estate market is being attempted by a startup called Loft in Latin America. Andreessen Horowitz seems to be convinced of this: On Friday, the company jointly led an investment of $ 175 million in the Brazilian start-up, which has big dreams of its property valuation services. Vulcan Capital was responsible for the funding, while names such as Fifth Wall Ventures and Thrive Capital also participated. 6. Unicorn Dreams ClassPass has found a fascinating way to establish a VC-supported fitness boom by raising more than $ 250 million in venture capital for its subscription service, giving users access to a diverse group of different training classes and -studios offers. However, the New York-based company has even higher goals in mind: ClassPass is looking for information from the SEC that Reuters has uncovered for new funding options of $ 285 million. According to reports, the round would push its valuation beyond a billion dollars, making the business a very rare fitness unicorn. 7. Under the Wire The last days of 2019 brought resolutions – or something similar – to a couple of long-running storylines. KKR completed the purchase of the Arnott biscuit brand and other Campbell Soup international assets for $ 2.2 billion. Austria's AMS acquired almost 60% of the long-term goal of Osram, a German lighting company. However, there is still speculation that the sensor manufacturer may need to improve its offering to buy some of AMS 'existing hedge fund supporters. And at Boeing, a rush of criticism became too much for CEO Dennis Muilenburg, who was fired on December 23 in the midst of the ongoing tragic crisis surrounding his company's 737 MAX aircraft. 8. In the ether About two and a half years after its last VC funding, Plume, which manufactures wireless systems for home users that offer better coverage than traditional routers, raised just under $ 48 million in new funds for a SEC filing End of December. Another company that deals with air transmission was also involved with Pyka. The manufacturer of electric, autonomous spray drones is said to have raised $ 11 million in seed, a substantial amount available at such an early stage for a start-up that was to shake up agriculture.