Los Angeles-based electric truck startup Harbinger has lifted up $160 million in a Series C funding round led by FedEx as it ramps up production of its commercial vehicle program.
As part of the investment, FedEx has ordered 53 Harbinger electric truck chassis, which the startup says will be ready by the end of this year.
Founded in 2022 by former employees of now-defunct EV startup Canoo and battery company QuantumScape, Harbinger started out building midsize, commercial truck chassis — and basically nothing else. That focus on keeping things simple helped the company raise a $100 million series in January and begin production of its truck chassis this year, just three years after its inception.
FedEx is Harbinger’s most recognizable customer to date, though the startup has also partnered with RV maker THOR Industries in recent years. THOR co-led this Series C round with FedEx, as did the Technology Impact Fund in Capricorn, which was an early Tesla investor.
Previous investors in Harbinger including Leitmotif (a new VC firm backed by Volkswagen), Tiger Global, Maniv Mobility and Schematic Ventures also participated in the round.
FedEx has spent a decade trying to add electric trucks to its national delivery fleet. In 2018, the logistics giant gambled with another Los Angeles-based startup called Chanje, ordering 1,000 of its imported Chinese delivery trucks in a deal that eventually resulted in a lawsuit. (Chanje collapsed soon after.)
The market for commercial electric trucks and vans has matured since then, although the sector still lacks many players. General Motors recently abandoned its BrightDrop delivery truck program after a few innocent years. Sales of Ford’s E-Transit truck have fell steeply. Rivian has supplied about 25,000 electric trucks to Amazon, but has yet to lock down another major commercial customer.
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Harbinger focuses on trucks that are larger than the BrightDrop, Ford or Rivian trucks and has seen early success in that market segment. It’s sold out 200 chassis this year aloneand recently announced an expansion into the Canadian market.
“FedEx’s participation signals a demand for innovation in the medium-duty truck segment and for an electric model that helps advance business goals and sustainability at the same time,” said Dipender Saluja, the managing partner of Capricorn Investment Group’s Technology Impact Fund. “Over the past two decades, medium-duty truck fleets have generally deployed small volumes of electric demonstrator trucks. The industry is now poised to move toward mass adoption, with Harbinger leading the way at this scale.”
