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Harbinger, a leader in medium-duty electric vehicles (EVs), has announced a successful $100 million Series B funding round. This investment marks a significant milestone for the company, bringing its total capital raised to $200 million since its founding in 2021.
The funding round was led by Capricorn’s Technology Impact Fund, known for its investments in high-impact companies like Tesla and SpaceX, and Leitmotif, a venture capital firm focused on decarbonization. Other investors include Tiger Global, the Coca-Cola System Sustainability Fund, ArcTern Ventures, THOR Industries, and its investment partner TechNexus; as well as continuing investments by Ridgeline, Maniv Mobility, Ironspring Ventures, Schematic Ventures, and Overture Climate.
"Harbinger has demonstrated a remarkable ability to reach significant milestones far quicker than other EV companies," said Dipender Saluja, Managing Partner of Capricorn Investment Group's Technology Impact Fund. "The market has been impressed by their ability to develop large portions of the vehicle in-house to drive down unit costs while remaining capital efficient."
Key Milestones
An order book of 4,690 vehicles, valued at $500 million, with customers like Bimbo Bakeries USA and THOR Industries.
The world’s first Class A hybrid motorhome, offering a range of 500 miles, was successfully launched in partnership with THOR Industries.
Completing two up-rounds during a challenging market, including a $73 million Series A in 2023.
Assembling a world-class team with experience from companies like Tesla, Rivian, Ford, SpaceX, Toyota, and Volvo Trucks.
With this new funding, Harbinger plans to ramp up production capacity, support its growing customer base with enhanced sales and service operations, and continue innovating in areas like advanced driver-assistance systems (ADAS). The company is also exploring new product lines, including hybrid RV and cab chassis platforms while investing in supplier tooling to reduce manufacturing costs and maintain competitive pricing for its customers.
The Series B round will enable Harbinger to:
Increase production capacity to meet rising customer demand.
Expand its sales and service network nationwide.
Advance the development of new product lines and technologies, including ADAS systems and hybrid platforms.
Harbinger’s vertically integrated approach, which includes its proprietary stripped EV chassis, delivers superior performance and cost efficiency. Explicitly designed for medium-duty vehicles, the chassis supports applications like walk-in vans, box trucks, RVs, delivery vans, and emergency vehicles, offering price parity with traditional fuel vehicles after federal tax incentives.
"Harbinger is leading the medium-duty trucking industry toward electrification, and customers have responded with strong and growing interest," said Jens Wiese, Managing Partner, Leitmotif and former Head of Group M&A, Investment Advisory and Partnerships at Volkswagen AG.
"Our objective is to support companies making strides toward decarbonization and that have the potential to become category-defining players in their respective industries. Harbinger's versatile electric or serial-hybrid chassis can serve nearly every use case in the medium-duty vehicle segment. It's an ideal fit that will accelerate the trucking industry's shift to an electric world."
"Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform," said John Harris, Co-founder and CEO Harbinger. "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."
About Harbinger
Harbinger is a U.S.-based commercial electric vehicle (EV) company revolutionizing the medium-duty vehicle market. Harbinger offers EV solutions with superior performance and affordability by leveraging proprietary, in-house technologies and a vertically integrated approach. Its mission is to transform an industry hungry for innovation, delivering vehicles that balance sustainability and quality while achieving price parity with traditional gasoline and diesel vehicles.
About Capricorn’s Technology Impact Fund
Capricorn’s Technology Impact Fund (TIF) is a venture capital partnership focused on scaling engineering-based solutions to climate change and global challenges. TIF invests in transformative companies like Tesla, SpaceX, and QuantumScape, leveraging its technology, transportation, and renewable energy expertise to drive sustainable impact. Capricorn Investment Group manages $10 billion in assets, demonstrating that profitable investments can align with large-scale positive change.
About Leitmotif
Leitmotif is an independent venture capital firm with a $300 million commitment from European industrial interests. The firm bridges innovation ecosystems in the U.S. and Europe, focusing on late-stage investments in decarbonization technologies. Its dual presence in Palo Alto and Munich underscores its global reach and commitment to sustainability.
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