Harbinger raises $160M, will build trucks for FedEx

Harbinger, an electric truck startup based in Los Angeles, has successfully secured $160 million in a Series C funding round, co-led by FedEx. This significant investment will facilitate the expansion of Harbinger's production capabilities for its commercial vehicle program. As part of this funding, FedEx has placed an order for 53 electric truck chassis from Harbinger, with the startup promising delivery by the end of this year. Founded in 2022 by former team members from the now-defunct EV company Canoo and battery manufacturer QuantumScape, Harbinger specializes exclusively in the development of medium-duty commercial truck chassis. This focused approach has proven beneficial, allowing Harbinger to raise $100 million in a Series B round earlier this year and initiate production of its truck chassis just three years after the company was established. FedEx stands out as Harbinger's most notable customer to date, although the startup has also collaborated with RV manufacturer THOR Industries. THOR co-led the latest funding round alongside FedEx, along with the Technology Impact Fund at Capricorn, which previously invested in Tesla. Additional contributors to this funding round include previous investors such as Leitmotif, a new venture capital firm backed by Volkswagen, Tiger Global, Maniv Mobility, and Schematic Ventures. FedEx has been actively seeking to incorporate electric trucks into its extensive delivery fleet for the past decade. In 2018, the logistics giant made a bold move by ordering 1,000 delivery vans from another Los Angeles startup, Chanje, a venture that ultimately concluded in legal disputes as Chanje faced bankruptcy shortly after. The landscape for commercial electric trucks and vans has evolved since those early days, though options remain limited. General Motors recently discontinued its BrightDrop delivery van program after underwhelming results, while Ford's E-Transit van sales have seen a significant decline. Rivian has managed to deliver approximately 25,000 electric vans to Amazon; however, it has yet to secure another major commercial partnership. Harbinger is concentrating on trucks that are larger than the offerings from BrightDrop, Ford, or Rivian and has already experienced considerable success in this niche. The company has sold over 200 chassis just this year and has plans to expand into the Canadian market. Dipender Saluja, managing partner of Capricorn Investment Group’s Technology Impact Fund, remarked, "FedEx’s involvement underscores the demand for innovation in the medium-duty truck market and the necessity for an electric model that aligns with business and sustainability objectives. The industry is now primed for mass adoption, with Harbinger at the forefront of this transformation."