Harbinger Secures $160M to Build Electric Trucks for FedEx

Harbinger Secures $160 Million in Series C Funding

Harbinger, an electric truck startup headquartered in Los Angeles, has successfully raised $160 million in a Series C funding round. This investment was co-led by FedEx, as the company prepares to increase production of its commercial vehicle program.

Investment Details and FedEx Order

As a component of this funding, FedEx has placed an order for 53 of Harbinger’s electric truck chassis. These chassis are anticipated to be delivered before the end of the current year.

Company Origins and Focus

Established in 2022, Harbinger was founded by former personnel from the now-disbanded EV company Canoo and the battery technology firm QuantumScape. The company’s core strategy centers on the development of medium-duty, commercial truck chassis, with a deliberate emphasis on simplicity.

This focused approach facilitated the securing of a $100 million Series B funding round in January and the commencement of truck chassis production earlier this year, a mere three years following the company’s founding.

Key Investors in the Round

FedEx is currently Harbinger’s most prominent customer. THOR Industries, a recreational vehicle manufacturer, also co-led this Series C round alongside FedEx. The Technology Impact Fund at Capricorn, known for its early investment in Tesla, participated as well.

Existing investors, including Leitmotif, Tiger Global, Maniv Mobility, and Schematic Ventures, also contributed to this funding round.

FedEx's History with Electric Trucks

FedEx has been actively pursuing the integration of electric trucks into its delivery network for the past ten years. In 2018, the company initially invested in Chanje, another Los Angeles-based startup, ordering 1,000 delivery vans. This partnership ultimately resulted in legal disputes and the subsequent collapse of Chanje.

The Evolving Electric Truck Market

The commercial electric truck and van market has experienced significant growth since then, although the number of key players remains limited. General Motors discontinued its BrightDrop delivery van program after a period of underwhelming performance.

Furthermore, sales of Ford’s E-Transit van have decreased. While Rivian has delivered approximately 25,000 electric vans to Amazon, it has yet to secure another substantial commercial client.

Harbinger's Position in the Market

Harbinger specializes in trucks that are larger than the BrightDrop, Ford, or Rivian vans, and has achieved initial success within this segment. The company has already sold over 200 chassis this year and recently expanded its operations into the Canadian market.

Industry Outlook and Expert Commentary

“FedEx’s involvement demonstrates a clear need for innovation within the medium-duty truck sector,” stated Dipender Saluja, managing partner of Capricorn Investment Group’s Technology Impact Fund. “It also highlights the demand for an electric solution that simultaneously supports business objectives and sustainability initiatives.”

Saluja further noted that the industry is transitioning from small-scale demonstration projects to widespread adoption, with Harbinger positioned to lead this expansion.