By Senad Karaahmetovic

Rimac, a Croatian maker of electric vehicles (EVs), secured 500 million Euros ($537 Million) in the latest round of funding. Softbank (TYO) and Goldman Sachs(NYSE:) joined existing shareholders such as Porsche.

The new funding takes Rimac’s total valuation to more than 2 billion euros ($2.14 billion), though the company’s founder and CEO, Mate Rimac, said he wants to double the company’s sales before considering a stock market listing.

The EV startup will need to have more than a half a million in annual revenue before it launches an initial public offering. Rimac said that the company is about halfway towards achieving this target at the moment.

It makes sense when we’re at this number,” he stated. If the hockey stick has a tendency to flatten, then stability and predictability are important. It’s difficult for us to know what might happen next year.

Croatia’s EV manufacturer plans to make use of the new funding to increase its production capacity and boost volumes. Rimac stated that the company plans to make 100,000 batteries per annum between 2024-2026.

The company employs over 1,500 people and is looking to add 700 more employees. Rimac has been looking at several locations to construct a new facility, and Italy seems like an attractive option due to its high supply of skilled workers.