EV company Harbinger raises $100 million in series B funding

Press Release, 15 January 2025

 Harbinger, a medium-duty electric vehicle (EV) company, announced it has raised $100 million in Series B funds. Harbinger will use the funds to substantially accelerate its growth by deploying higher volume production capacity to meet demand for its purpose-built electric platform. Harbinger will also use the funds to expand its sales, parts and service operations for nationwide deployment. The funding round was co-led by Capricorn‘s Technology Impact Fund, a part of the prominent venture capital 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 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 has demonstrated a remarkable ability to reach significant milestones far quicker than other EV companies,” said Dipender Saluja, Managing Partner of Capricorn Investment Group’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.”

Harbinger’s ability to secure substantial capital, particularly in a challenging economic environment, is a reflection of the company’s track record, investor confidence, and large unmet demand for its core product. 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, 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.
• To date, the company has raised $200 million since its inception in 2021.
• 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 assembled an impressive management and technical team that hails from Tesla, Rivian, Ford, Anduril, SpaceX, Toyota, Honda, Volvo Trucks, Mack Trucks, and more.

Harbinger continues to scale rapidly while consistently hitting projected milestones. The Series B funds will position Harbinger to:

• Ramp to higher-volume production capacity through initial start of production and beyond to meet extraordinary customer demand for the company’s products
• Advance the build-out of the company’s distribution, customer support and service operations
• Invest in new product lines and continued technology development, particularly around ADAS technologies and complementary products such as the company’s recently announced hybrid RV chassis and future cab chassis.

Among other things, the funds give Harbinger the flexibility to invest in long-term, higher-volume supplier tooling, a key component to improving cost of goods sold and keeping vehicle prices low for customers. The funds will also be invested into marketing and sales activities, as the company continues to build out a robust dealer-supported sales and service network.

“Harbinger is leading the medium-duty trucking industry toward electrification, and customers have responded with strong and growing interest,” said Jens Wiese, Managing Partner, Leitmotif; and former Head of Group M&A, Investment Advisory and Partnerships at Volkswagen AG. “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.”

“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, Harbinger. “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.”

One of the strong 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 largely through its vertically integrated approach to building its proprietary EV stripped chassis. This first-of-its-kind electric chassis is designed for medium-duty vehicles, such as walk-in vans, box trucks, recreational vehicles (RVs), delivery vans, emergency and disaster response vehicles and more. The stripped chassis includes all major vehicle systems, which Harbinger designs and assembles in-house. This approach allows the company to maintain tight controls on the quality of its product while keeping costs low and delivering a higher-performing, safer and more durable solution than electric vehicle retrofits on existing combustion engine platforms. Harbinger’s pragmatic approach to EV development and commercialization are central to the company’s success.

About Harbinger
Harbinger is an American commercial electric vehicle (EV) company on a mission to transform an industry starving for innovation. Harbinger’s best-in-class team of EV, battery, and drivetrain experts have pooled their deep experience to support the growing demand for medium-duty EVs. Leveraging a foundation of proprietary, in-house developed vehicle technologies designed specifically for commercial and specialty vehicles, Harbinger is bringing a first-of-its-kind EV platform to market, priced at acquisition parity to traditional gasoline and diesel vehicles. Harbinger: familiar form, revolutionary foundation.

About Capricorn’s Technology Impact Fund
The Technology Impact Fund (TIF) is a venture capital partnership that invests in companies developing and scaling novel engineering-based solutions to climate change and other global challenges. TIF’s investment process is grounded in comprehensive perspectives on long-term, global trends in technology, transportation, power, storage, efficiency, semiconductors, aerospace, sensors, earth data and analytics. TIF is an early investor in iconic companies including Tesla, Joby Aviation, SpaceX, QuantumScape, Redwood Materials, Planet Labs, Saildrone, Nuvia and Innovium.

Capricorn Investment Group is an investment firm founded to demonstrate that it is possible to invest profitably while driving sustainable positive change. Capricorn manages about $10B in assets for investors who strive for extraordinary investment results by leveraging market forces to accelerate large scale impact.

About Leitmotif
Leitmotif is an independent venture capital firm anchored by a $300 million commitment from European industrial interests. With investors in Palo Alto and Munich, it actively bridges the innovation ecosystems of the US and Europe. Leitmoitf’s first fund focuses on decarbonization and leans later stage.