In a new investment cycle, Rimac Group has raised €500 million from Softbank and Goldman Sachs, to be used for further growth, production capacity expansion and additional hiring, the Croatian electric car manufacturer, headquartered in Sveta Nedelja outside Zagreb, said on Wednesday.   

The €500 million raised in the Series D investment round will increase the company’s market value to more than €2 billion, the company said in a statement.

The key new investors are SoftBank Vision Fund 2 and Goldman Sachs Asset Management, with the participation of the group’s current shareholders, including Porsche and InvestIndustrial. Mate Rimac remains the largest shareholder, the group said.

The latest investments reflect Rimac Group’s success in developing and delivering high-performance electric car systems as well as developing its own hypercar.

The capital raised will be used primarily to further develop the company’s Rimac Technology subsidiary in the production of large series for global car makers, said the company, which plans to hire an additional 700 workers in 2022.