Harbinger, the LA-based start-up concentrating on the electrification of commercial trucks, has successfully completed a $100 million Series B funding. The substantial investment was jointly led by Capricorn Investment Group – an early Tesla backer, and Leitmotif, a new US fund co-founded by a former Volkswagen M&A head. The round also welcomed Tiger Global and mobility venture firm Maniv, both being returning investors.
Harbinger’s remarkable success is attributed to its intriguingly focused approach. “Our scope is very focused and we have high confidence in any project undertaken,” commented the firm’s CEO, John Harris. Harbinger was born in 2022, spearheaded by a group of former Canoo and QuantumScape employees, with a primary aim to craft a modular all-electric chassis for mid-size trucks – a goal which they achieved with finesse.
Harbinger stood its ground in the face of billions of dollars being pumped into startups set on a massive production line or the transformation of the global transport canvas. Notably, Arrival followed a path akin to Harbinger’s, ultimately declaring bankruptcy while Harbinger flourished.
Leitmotif’s co-founder Jens Wiese commended Harbinger’s team for being “seasoned operators” with a laser focus on perfecting their product. This focus has allowed Harbinger to refine its product development, notably its battery packs.
Unlike traditional EV manufacturers who house batteries in stamped steel, Harbinger innovatively uses a 6,500-ton press to cast the entire enclosure. It became possible due to the firm’s solitary focus on a single product, allowing them to create battery enclosures cost-effectively. This focus on affordability from the onset has made their electrified chassis an enticing prospect for the fleet companies it targets.
Investors such as Tiger Global have been drawn to Harbinger due to its impressive unit economics. “We have industry-leading unit economics, except Tesla, but I foresee us having more promising margins than them in the forthcoming 12 to 18 months.” affirmed Harris.
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