Harbinger, a manufacturer of medium-duty EVs, has raised $100 million in a Series B funding round co-led by Capricorn’s Technology Impact Fund. Other investors include Tiger Global, the Coca-Cola System Sustainability Fund, ArcTern Ventures and THOR Industries.
The company will use the funds to substantially accelerate its growth by deploying higher-volume production capacity, and to expand its sales, parts and service operations for nationwide deployment. Harbinger also plans to invest in new product lines and continue developing new technology around ADAS (driver assistance) and new products such as the company’s recently announced hybrid RV chassis and future cab chassis.
Harbinger boasts an order book of 4,690 vehicles, valued at approximately $500 million, from notable customers including Bimbo Bakeries USA, a huge baking company that produces such brands as Sara Lee, Thomas and Entenmann’s; and THOR Industries, an RV manufacturer whose family of companies includes Airstream, Jayco, Tiffin and Thor Motor Coach.
“Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform,” said John Harris, co-founder and CEO. “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.”
“Harbinger has demonstrated a remarkable ability to reach significant milestones far quicker than other EV companies,” said Dipender Saluja, Managing Partner of Capricorn’s Technology Impact Fund. “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.”
Source: Harbinger
