Harbinger Raises $240M Series D, Chasing FedEx Trucks and Defense Work

Electric truck startup Harbinger has closed a $240 million Series D, money it will use to push beyond its original medium-duty chassis into battery storage and defense applications.

Bloomberg News first reported the round. With it, the Los Angeles-based company has now raised more than $650 million to date — a striking figure for a company founded only in 2022.

The timing lands almost a year to the day after Harbinger's $160 million Series C, the round that came with an initial truck order from FedEx. Tiger Global, Capricorn's "technology impact fund," and defense-focused investor Ridgeline co-led the Series D. FedEx invested again after leading the previous round. Maniv, Greycroft, and Leitmotif — a venture firm backed by Volkswagen — all returned too.

One name stands out. Fidelity Management, the institutional giant that tends to back pre-IPO startups, put money in this time, a signal that Harbinger is reportedly weighing a public listing.

How deep does the FedEx relationship go?

FedEx didn't lead this round, but its ties to Harbinger keep tightening. Paul Melander, the shipping giant's senior vice president of safety and transportation, has joined Harbinger's board of directors.

More concrete is the purchase order. FedEx recently placed its first large order with Harbinger: 2,000 trucks, a deal valued at more than $300 million. That single contract exceeds the company's entire Series C raise and gives the startup a anchor customer with national reach.

What is Harbinger building?

The company's founders came out of now-defunct EV startup Canoo and battery company QuantumScape. Their original plan was narrow: one electric truck chassis, built well.

That focus has widened steadily since. Harbinger bought autonomy startup Phantom AI, adding driverless software capability in-house. It has begun developing hybrid emergency vehicles for first responders. And it revealed a driverless hybrid electric platform built for the military — the work that presumably drew defense-focused Ridgeline into the co-lead position.

The portfolio now spans:

• Medium-duty electric truck chassis, the core business
• Battery storage products
• Hybrid emergency vehicles
• A driverless hybrid electric platform for defense applications
• Autonomous driving technology via the Phantom AI acquisition

Why does the money matter now?

Commercial EV startups have spent the past few years fighting for survival as capital dried up and incumbents scaled back electrification targets. Harbinger moving in the opposite direction — raising more, faster, and adding an institutional investor like Fidelity — suggests a company that has convinced hard-nosed backers it has real revenue behind the story. The $300 million FedEx order is the proof point those investors can hold onto.

The defense expansion also widens the startup's addressable market at a moment when military demand for hybrid and autonomous ground platforms is growing. With Ridgeline on the cap table and a driverless military platform already revealed, Harbinger has positioned itself to chase both commercial fleets and Pentagon contracts from the same chassis engineering base.

Whether an IPO materializes, the Series D buys Harbinger time and options — and with FedEx's 2,000-truck order in hand, it has production volume to justify them.