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Electric Automaker Rivian Raises US$2.5 Billion
Rivian, the electric automaker with an employee base of 7,000, has recently closed a $2.5 billion private funding round.
Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor and funds, and accounts under the advice of T. Rowe Price Associates Inc. led the round.
To date, Rivian has raised a total funding of US$10.5 billion. Previous to this July round, the company had raised another $2.65 billion from the existing investors, including T. Rowe Price Associates Inc., Amazon’s Climate Pledge Fund, and D1 Capital Partners.
The other investors for that round were Fidelity Management and Research Company and Coatue. During that funding round, Rivian had an estimated valuation of $27.6 billion.
Rivian has plans to start delivering its R1T pickup trucks from September. It is also planning to inaugurate a second U.S. factory.
According to RJ Scaringe, the CEO of Rivian, the new funds will help Rivian grow its new vehicle programs and expand its domestic facility footprint. It will also help accelerate the company’s international product rollout.
GM Files Lawsuit Against Ford Motor Over the Name “Blue Cruise”
Two of the giants in the global automotive market find themselves at loggerheads over the name Blue Cruise.
General Motors, along with its Robo-taxi subsidiary, has filed a lawsuit against Ford Motor to bar the latter from using the name Blue Cruise. Ford Motor had chosen the name to market its hands-free driving technology.
According to GM, the use of the name Blue Cruise had infringed upon its Super Cruise and Blue Cruise trademark.
The company also stated that the decision to file a lawsuit had been taken when it was left with no other option. “Protracted discussions” over the issue failed to resolve it, according to GM.
Ford announced its decision to leverage the name Blue Cruise for its hands-free driving technology in April this year.
According to Ford, GM’s lawsuit, filed in a California court, is “meritless and frivolous.” Justifying its adoption of the name, the company said that the term cruise “is a common shorthand for the capability” of “cruise control.”
Ford, according to its official statement, had extended this logic to name the “the Blue Oval’s next evolution of Ford’s Intelligent Adaptive Cruise Control.”
However, GM had announced the name Super Cruise for its hands-free driver assistance technology in 2012 and started marketing the technology under the same brand name in 2017.
Asset Management Firm Files Prospectus With the SEC to Add Bitcoin to Its Fund
Stone Ridge Asset Management firm filed the prospectus for its Bitcoin Strategy Fund with the Securities and Exchange Commission on July 26th, 2021.
As part of an investment portfolio of Stone Ridge Trust, the company wants to add Bitcoin to its open-end mutual fund.
Adding to the credibility of its brand, Stone Ridge Asset Management is also the alternative investment manager behind NYDIG or New York Digital Investment Group.
As specified by the firm in its SEC filing, the fund wants to achieve “capital appreciation” by gaining exposure to Bitcoin via the futures markets.
The fund will also have “significant holdings of cash, U.S. government securities, mortgage-backed securities.”
It will invest in bitcoin-related investments to keep the total value of the Bitcoin to which the fund is exposed stays between 100% and 125% of the fund’s net assets.
Stone Ridge has already filed another prospectus for its Diversified Alternatives Fund, seeking exposure to Bitcoin and other alternative assets. In October 2020, it purchased 10,000 BTC through NYDIG.
Property Guru Decides to Merge With Bridgetown 2 Holdings
PropertyGuru, a Singapore-based online real-estate marketplace, has decided to merge with Bridgetown 2 Holdings, a Nasdaq-listed blank-check company, operating under the control of billionaires Richard Li and Peter Thiel.
The valuation of the combined entity will be $1.78 billion, and it will list on the NYSE. For Property Guru, the merger will help raise $431 million worth of gross proceeds.
Out of this $431 million, $299 will come from Bridgetown 2 Holdings. Baillie Gifford, Naya, REA Group, Akaris Global Partners are among the investors, while one of Malaysia’s largest asset managers has committed to contribute $100 million.
Property Guru has a consumer base of 37 million buyers. On the provider side, it has 49,000 property agents across Indonesia, Malaysia, Singapore, Thailand, and Vietnam and 2.8 million real estate listings.
With the merger, Property Guru wants to cater to the rising property demands across Southeast Asia.