The Rise of Harbinger: Pioneering the Future of Commercial Electric Trucks
In an era where many electric vehicle startups have stumbled or faced significant hurdles, Harbinger, a Los Angeles-based company, has carved out a success story by securing $100 million in Series B funding. This remarkable achievement comes at a time when the EV market is littered with the remnants of failed ventures. Harbinger’s triumph lies in its laser-focused approach to electrifying commercial trucking.
The funding round was co-led by Capricorn Investment Group, an early investor in Tesla, and Leitmotif, a U.S. fund newly co-founded by Jens Wiese, the former head of M&A for Volkswagen. Notable participants also included Tiger Global and mobility venture firm Maniv, both existing investors in Harbinger.
“We know how the EV space has gone. It’s just littered with bodies from the decade past,” Harbinger CEO John Harris shared with TechCrunch. “So we really try to keep our scope very focused and have high confidence in what we say we’re going to do before we say we’re going to do it.”
— John Harris
A Focused Journey in the EV Landscape
Founded in 2022 by former employees of Canoo and QuantumScape, Harbinger embarked on a mission to develop a modular all-electric chassis for medium-duty trucks. This focus comes at a time when many startups have made expansive promises about transforming transportation, only to falter.
Take Arrival, for instance—initially operating in a similar sector as Harbinger, they aspired to revolutionize vehicle manufacturing with microfactories and diversify into buses and ride-hail cars with Uber. However, these ambitious plans culminated in bankruptcy.
In contrast, Harbinger has maintained its singular focus and is now on the cusp of entering production. Jens Wiese from Leitmotif praises the team, highlighting their extensive experience and dedication to perfecting their product.
“Harbinger is just this amazing team of very seasoned operators… They’re just laser-focused on this segment and getting the product right,” Wiese commented.
— Jens Wiese
Innovative Approaches for Cost-Effective Solutions
John Harris explained that concentrating on a single product has allowed Harbinger not only to endure but also to enhance their product’s quality. A prime example is their innovative approach to battery pack enclosures.
Instead of using traditional stamped steel that requires welding—a process that could lead to leaks and damage batteries—Harbinger invested in a 6,500-ton press to die-cast the enclosures entirely. This specialized investment was feasible because they didn’t have to allocate resources across multiple products. As a result, the costs of these enclosures are just one-twentieth of the norm.
A Compelling Proposition for Fleet Companies
The strategic investments have enabled Harbinger to offer more affordable chassis from the outset without relying on massive scale for cost efficiencies. This approach is particularly appealing to CFOs of fleet companies who replace fleets infrequently and seek long-term value.
“The segment they’re targeting doesn’t replace fleets often… the math becomes so compelling that it’s just unavoidable,” said Maniv managing partner Michael Granoff.
— Michael Granoff
Granoff’s confidence in Harbinger’s potential is reflected in Maniv’s substantial investment—the largest ever by his firm into any startup. Remarkably, Harbinger’s Series B is the only investment round from Maniv’s second fund that wasn’t led by them.
A Promising Future Ahead
Harbinger’s CEO John Harris confidently states that their compelling unit economics are already attracting investors like Tiger Global who typically wouldn’t venture into this space. He speculates that Harbinger will soon surpass industry giants like Tesla in terms of profit margins within 12 to 18 months.
