Harbinger Raises $240M Series D as FedEx Executive Joins Board

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Harbinger, a Los Angeles electric truck maker, has closed a $240 million Series D round. The money comes as the company moves beyond trucks into battery storage and defense products.

A company that started with one chassis

Harbinger was founded in 2022 by former employees of Canoo, an EV startup that has since folded, and of the battery company QuantumScape. Its first product was a single electric truck chassis.

The range has grown steadily. Harbinger acquired Phantom AI, an autonomy startup, and is developing hybrid vehicles for emergency crews. It also showed a self-driving hybrid-electric platform built for the military.

FedEx moves closer

FedEx did not lead this round, yet its tie to Harbinger is deepening. Paul Melander, the delivery group's senior vice president of safety and transportation, has joined Harbinger's board of directors.

FedEx has also placed its first large order: 2,000 trucks worth more than $300 million.

Who put in the money

Three investors share the lead: Tiger Global, Capricorn's "technology impact fund" and Ridgeline, a firm focused on defense.

FedEx put money in again after leading the Series C round. Other returning backers include Maniv, Greycroft and Leitmotif, a VC firm backed by Volkswagen.

Fidelity Management also invested. It is a large institution that tends to back startups before they go public.

Timing and total

The Series D arrives almost exactly one year after a $160 million Series C, which came with an initial truck order from FedEx. Bloomberg News first reported the new round and says Harbinger has raised more than $650 million to date. Harbinger is reportedly weighing an IPO.

Source: TechCrunch