Los Angeles-based electric truck startup Harbinger has secured $160 million in Series C financing, a round co-led by FedEx, as the company scales up production of its medium-duty commercial vehicle platform.
As part of the deal, FedEx placed an order for 53 electric truck chassis, which Harbinger expects to deliver by the end of the year. The order marks the logistics company’s most substantial engagement with a new EV manufacturer since its last major procurement attempt in 2018.
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Founded in 2022 by former employees of Canoo and QuantumScape, Harbinger has pursued a streamlined business model centered exclusively on building medium-duty truck chassis. The approach has helped the company move from inception to production in less than three years and raise a $100 million Series B earlier this year.
Harbinger’s latest funding round was co-led by FedEx, THOR Industries, and Capricorn Investment Group’s Technology Impact Fund. Existing investors, including Leitmotif, Tiger Global, Maniv Mobility, and Schematic Ventures, also participated.
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In a statement accompanying the announcement, Dipender Saluja, managing partner of the Technology Impact Fund, said: “FedEx’s participation signals a demand for innovation in the medium-duty truck sector and for an electric model that helps advance business and sustainability goals at the same time.”
FedEx has been seeking to grow its electric fleet for more than a decade, though previous efforts have been challenging. Its 2018 agreement with EV startup Chanje for 1,000 vans ended unsuccessfully after the supplier collapsed. The broader commercial EV sector has also struggled, with General Motors discontinuing its BrightDrop unit and Ford reporting sharply lower E-Transit van sales.
See also: Harbinger Begins Production of Medium-Duty EV Chassis in California
Harbinger is targeting a segment of the market that sits above typical delivery vans, positioning its chassis as a solution for operators requiring larger commercial vehicles. The company has sold more than 200 chassis this year and has recently expanded into Canada.