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Re:Build, which spun out Slate Auto, raises $2.1 billion
TechCrunch reports Massachusetts manufacturing company Re:Build, which spun out EV startup Slate Auto in 2023, said Tuesday it raised $2.1 billion led by General Catalyst and JPMorganChase.
Re:Build, a Massachusetts manufacturing company that spun out electric-vehicle startup Slate Auto in 2023, said Tuesday it has raised $2.1 billion, TechCrunch reported1.
The investment was led by General Catalyst and JPMorganChase's Strategic Investment Group, according to the report1. Re:Build said it will use the funding to expand its capacity to manufacture hard-tech products and to launch new industrial startups1.
The company has described itself as "America's answer to Shenzhen," TechCrunch said1. In a statement cited by the outlet, Re:Build said the round would help ensure innovative products can be made in the United States1.
Hemant Taneja, chief executive of General Catalyst, said the United States needs platform companies that can operate at scale and an innovation ecosystem that can build hardware again, according to TechCrunch1. He tied that need to competing with China, re-industrializing the U.S. and revitalizing towns and jobs left behind1.
Terms beyond the $2.1 billion figure, including valuation and whether other investors participated, were not detailed in the TechCrunch account1.
