Harbinger Motors, a leader in the medium-duty electric vehicle industry and powering the world’s first hybrid RV, officially announced today its $100 million Series B fundraise to hyperscale production capacity and meet growing demand. Harbinger, a TechNexus Venture Collaborative portfolio company, will use these funds to expand nationwide deployment of its revolutionary medium-duty platform with much anticipation from both investors and consumers.
This round was co-led by Capricorn Investment Group and Leitmotif, along with significant additional investment from Tiger Global. Harbinger saw continued investment from THOR Industries, the world’s largest RV manufacturer, and its investment partner TechNexus, who led the startup's Series A.
Continued Collaboration
It was through TechNexus’ unique position in the market that THOR and Harbinger could successfully collaborate and announce the world’s first Class A hybrid motorhome last fall. Utilizing Harbinger’s hybrid platform with a range of up to 500 miles, this revolutionary RV drives like a car.
"Our partnership with THOR Industries allows us to identify and support startups that align with their strategic vision," TechNexus founder and CEO Terry Howerton said. "TechNexus actively fosters these collaborations, helping align interests between innovative startups like Harbinger and industry leaders like THOR. Harbinger's technology has already demonstrated its potential as THOR brings to market the world's first Class A hybrid motorhome. This is a testament to the power of collaboration and a glimpse into the future of the RV industry."
With an order book currently valued at approximately $500 million, Harbinger is prepared to serve notable customers such as Bimbo Bakeries USA, the U.S. branch of Grupo Bimbo, the world’s largest baking company, and THOR Industries. To further stimulate demand, Harbinger recently unveiled a video showcasing successful winter testing of its EV delivery trucks as well, another indication Harbinger’s first-of-its-kind electric chassis design is ready for market.
Funds to Accelerate Growth
The Series B funds allow Harbinger to scale production capacity, expand distribution, customer support and service operations as well as invest in new product lines and ADAS technologies, such as the recently announced hybrid RV chassis and future chassis. On top of that, it provides the flexibility to invest in long-term, higher-volume supplier tooling, which would enhance operations and keep prices low for customers.
“Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform,” John Harris, co-founder and CEO, said in a press release. “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.”
Electrification • Harbinger