Harbinger Closes $240 Million Series D Round After Expanding Defense Business
Electric truck startup Harbinger has closed a $240 million Series D funding round, co-led by Tiger Global, the Capricorn Technology Impact Fund, and defense-focused investment firm Ridgeline, with participation from Fidelity Management. The company has raised more than $650 million in total, and its product line has expanded from electric truck chassis to battery energy storage and defense applications, and it has launched an unmanned hybrid platform for the military. FedEx has invested again and placed a new order for 2,000 trucks worth more than $300 million.
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Electric truck startup Harbinger has raised a $240 million Series D funding round as it expands its portfolio of products, including battery storage and defense applications.
The funding comes almost one year to the day after the Los Angeles-based company announced a $160 million Series C, which included an initial truck order from FedEx. Harbinger has now raised more than $650 million to date, according to Bloomberg News, which first reported the round.
The Series D was co-led by Tiger Global, Capricorn’s “technology impact fund,” and defense-focused firm Ridgeline. FedEx invested again after leading last year’s round, and other repeat investors included Maniv, Greycroft, and Leitmotif, a VC firm backed by Volkswagen . Also investing this time was institutional giant Fidelity Management, which tends to invest in pre-IPO startups. (Harbinger is reportedly weighing going public.)
While it didn’t lead this round, FedEx’s relationship with Harbinger continues to deepen. The shipping giant’s senior vice president of safety and transportation, Paul Melander, has joined Harbinger’s board of directors. FedEx also recently placed its first large order with Harbinger — a deal for 2,000 trucks valued at more than $300 million.
Founded in 2022 by former employees of now-defunct EV startup Canoo and battery company QuantumScape, Harbinger started by focusing on making one electric truck chassis. The company has steadily expanded its efforts since. It bought autonomy startup Phantom AI , has begun developing hybrid emergency vehicles , and revealed a driverless hybrid electric platform for the military.