Rivian Spinoff Also Secures $200M for E-Bikes and Expansion
▼ Summary
– Also Inc., a micromobility startup spun out of Rivian, has raised $200 million from Greenoaks Capital, reaching a $1 billion post-money valuation.
– The startup previously secured $105 million from Eclipse Ventures when it separated from Rivian earlier this year.
– Also originated as Rivian’s internal skunkworks team, Project Inder, in 2022, focusing initially on an e-bike design.
– The team collaborated with Jony Ive’s firm LoveFrom for design input on the e-bike project.
– Now independent, Also plans to develop various micro-EVs and will unveil its first designs later this year.
Micromobility startup Also has secured $200 million in fresh funding as it prepares to launch its first electric vehicle designs later this year. The investment, led by Greenoaks Capital, pushes the company’s valuation to $1 billion following its recent spin-off from electric truck maker Rivian.
Originally formed as an internal Rivian project called “Project Inder” in 2022, Also began developing an e-bike with input from LoveFrom, the design firm founded by former Apple chief designer Jony Ive. The team later separated from Rivian and raised $105 million from Eclipse Ventures earlier this year to establish itself as an independent company.
With the latest funding, Also aims to expand its lineup of micro-EVs, including compact electric vehicles tailored for urban mobility. While specific details remain under wraps, the company has hinted at unveiling its first designs before the end of the year.
The rapid rise of Also highlights growing investor interest in alternative electric transportation solutions beyond traditional cars and trucks. As cities worldwide push for greener transit options, startups focusing on lightweight, efficient mobility are gaining traction.
Neither Rivian nor Also has publicly commented on the funding round. Updates will follow as more information becomes available.
(Source: TechCrunch)
