Harbinger has raised $240 million in a Series D funding round to expand its electrification business and increase manufacturing capacity for its medium-duty vehicle platform. The financing was co-led by Tiger Global, Capricorn’s Technology Impact Fund and Ridgeline, the Garden Grove, California-based company announced on November 5.
The latest investment brings Harbinger’s total funding to more than $650 million since its founding in 2021.
Funding to Support Business Expansion
Harbinger plans to use the proceeds to expand across several markets, including commercial vehicles, energy storage systems, power generation, autonomous driving software and defense applications.
The company develops all-electric and hybrid medium-duty vehicle platforms, along with battery and drivetrain systems, energy storage solutions, auxiliary power products and autonomous driving technology. The funding will also support the continued expansion of manufacturing capacity for its vehicle platform.
John Harris, co-founder and CEO of Harbinger, said electrification is becoming increasingly important across several industries.
“Electrification is at the core of everything we do, and increasingly, electrification is at the core of industry, defense, mobility, and AI,”
Griffin Schroeder, a partner at Tiger Global, also highlighted the growing importance of electrification across industrial and technology applications.
“Harbinger excels at electrification, and electrification has become one of the most pressing bottlenecks of the AI era,”
Investor Group Includes Strategic Partners
In addition to the three co-lead investors, the Series D round included Fidelity Management & Research Company, Squarepoint Capital, Xantium, Maniv, Greycroft, Australian Gulf Capital, PanaceaVC, ArcTern Ventures and Leitmotif.
Strategic investors included FedEx, THOR Industries through TechNexus, and BuildGroup.
Goldman Sachs and Morgan Stanley served as placement agents for the financing.
FedEx Places Order for 2,000 Electric Trucks
The funding announcement follows a recent order from FedEx for 2,000 all-electric Harbinger trucks, which the company values at more than $300 million.
Paul Melander, FedEx senior vice president of safety and transportation, has also joined Harbinger’s board of directors.
The order represents a commercial agreement between the two companies as Harbinger continues to expand its medium-duty vehicle business and manufacturing operations.
