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FedEx co-led Harbinger's $160 million Series C and ordered 53 of the startup's medium-duty electric delivery trucks, the companies announced Thursday.

Why it matters: Harbinger's trucks are part of FedEx's sustainability plans, despite a challenging landscape for electrification.

Follow the money: Capricorn's Technology Impact Fund, an early Tesla investor focused on electrification, and RV giant Thor Industries co-led.

Longtime Harbinger investor Ridgeline, which is also backed by FedEx, joined. 

Other existing investors joined, including Tiger Global; Leitmotif, a U.S. VC backed by Volkswagen; and Maniv Mobility, Schematic Ventures, Overture Climate, Ironspring Ventures, ArcTern Ventures, Litquidity Ventures, and The Coca-Cola System Sustainability Fund.

Catch up quick: Southern California-based Harbinger has raised $358 million total to date.

The startup raised a $100 million Series B in January.

THOR, Ridgeline and Greycroft led its $60 million Series A in 2023.

State of play: Medium-duty trucks can be an easier lift for electrification than their heavy-duty counterparts.

They typically don't require as much range, because they drive shorter distances than long-haul trucks, for instance.

Zoom out: In a tariff-dominated environment, manufacturing in the U.S. is a bonus.

Zoom in: Harbinger plans to deliver the Class 5 and Class 6 truck chassis, ready for upfit, to FedEx by the end of the year.

The bottom line: "As we work toward a goal to electrify the entire FedEx pickup and delivery fleet by 2040, this trifecta of performance, price, and operational resilience is what we need to be able to continue to scale," said Paul Melander, FedEx SVP of safety and transportation, in a statement.

FedEx co-leads $160M Series C for Harbinger electric delivery trucks

Southern California-based Harbinger's trucks are part of FedEx's sustainability plans, despite a challenging landscape for electrification.

Illustration of a delivery truck with a dollar bill on the side

FedEx co-led Harbinger&#x27;s $160 million Series C and ordered 53 of the startup&#x27;s medium-duty electric delivery trucks, the companies announced Thursday.Why it matters: Harbinger&#x27;s trucks are part of FedEx&#x27;s sustainability plans, despite a challenging landscape for electrification.

FedEx co-leads $160M Series C for Harbinger electric delivery trucks

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