Electric truck startup Harbinger has raised $240 million in Series D funding, co-led by Tiger Global, Capricorn’s technology impact fund, and defense-focused firm Ridgeline, as the Los Angeles company expands into battery storage and defense applications. According to Bloomberg News, the round brings Harbinger’s total funding to more than $650 million. It includes another investment from FedEx, which also placed its first large order for 2,000 trucks valued at more than $300 million.
The Series D comes almost a year after Harbinger announced a $160 million Series C led by FedEx. FedEx’s relationship with the startup continues to deepen: its senior vice president of safety and transportation, Paul Melander, has joined Harbinger’s board of directors.
Founded in 2022 by former employees of now-defunct EV startup Canoo and battery company QuantumScape, Harbinger initially focused on producing a single electric truck chassis. It has steadily expanded its portfolio, acquiring autonomy startup Phantom AI, developing hybrid emergency vehicles, and unveiling a driverless hybrid electric platform for the military.
Other repeat investors in the Series D include Maniv, Greycroft, and Leitmotif, a venture capital firm backed by Volkswagen. Institutional investor Fidelity Management, which typically invests in pre-IPO startups, also participated. Harbinger is reportedly weighing an initial public offering. Bloomberg News first reported the round.
Analysis
Why This Matters
- The size of the round and FedEx’s commitment signal growing confidence in electric commercial vehicles.
- Harbinger’s expansion into defense and energy storage could diversify beyond traditional trucking.
- The involvement of defense-focused investors highlights military interest in electrification.
Background
Harbinger is an electric-truck startup founded in 2022 by former Canoo and QuantumScape employees. It initially developed a single electric truck chassis but has since expanded into autonomy, hybrid emergency vehicles, and driverless military platforms. The company has raised more than $650 million to date, with FedEx as a key customer and investor.
What to Watch
- Whether Harbinger proceeds with an IPO, as reportedly under consideration.
- Further orders from FedEx and potential new customers in the defense sector.
- The pace of development on its driverless hybrid-electric military platform.
Checked
12 claims in this story checked against 1 source: 12 supported.
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- SupportedHarbinger raised $240 million after expanding into defense.Startups | TechCrunch: “Harbinger raises $240M after expanding into defense.”
- SupportedThe Series D was co-led by Tiger Global, Capricorn’s technology impact fund, and Ridgeline.Startups | TechCrunch: “The Series D was co-led by Tiger Global, Capricorn’s “technology impact fund,” and defense-focused firm Ridgeline.”
- SupportedFedEx placed its first large order for 2,000 trucks valued at more than $300 million.Startups | TechCrunch: “FedEx also recently placed its first large order with Harbinger — a deal for 2,000 trucks valued at more than $300 million.”
- SupportedHarbinger raised $240 million in a Series D funding round.Startups | TechCrunch: “Harbinger has raised a $240 million Series D funding round”
- SupportedHarbinger is expanding into battery storage and defense applications.Startups | TechCrunch: “as it expands its portfolio of products, including battery storage and defense applications.”
- SupportedThe round brings Harbinger’s total funding to more than $650 million, according to Bloomberg News.Startups | TechCrunch: “Harbinger has now raised more than $650 million to date, according to Bloomberg News, which first reported the round.”
- SupportedFedEx invested again in the Series D.Startups | TechCrunch: “FedEx invested again after leading last year’s round”
- SupportedThe Series D came almost a year after Harbinger announced a $160 million Series C.Startups | TechCrunch: “The funding comes almost one year to the day after the Los Angeles-based company announced a $160 million Series C”
- SupportedFedEx led Harbinger’s Series C.Startups | TechCrunch: “FedEx invested again after leading last year’s round”
- SupportedFedEx senior vice president of safety and transportation Paul Melander joined Harbinger’s board.Startups | TechCrunch: “The shipping giant’s senior vice president of safety and transportation, Paul Melander, has joined Harbinger’s board of directors.”
- SupportedHarbinger was founded in 2022 by former employees of Canoo and QuantumScape.Startups | TechCrunch: “Founded in 2022 by former employees of now-defunct EV startup Canoo and battery company QuantumScape”
- SupportedHarbinger acquired autonomy startup Phantom AI.Startups | TechCrunch: “It bought autonomy startup Phantom AI”