Rivian spinoff Also raises another $200M to build e-bikes and more

San Francisco, CA – Also Inc., the innovative micromobility startup recently spun out of electric vehicle giant Rivian, has successfully secured an additional $200 million in funding from Greenoaks Capital. This significant investment propels Also’s post-money valuation to an impressive $1 billion, signaling strong market confidence in its vision for future urban mobility.

This latest funding round follows an initial $105 million investment from Eclipse Ventures earlier this year, which facilitated Also’s independence from Rivian. The fresh capital is earmarked to accelerate the development and production of its next-generation electric bikes and a broader range of micro-electric vehicles (EVs).

Also Inc.’s journey began in 2022 as an internal project within Rivian, known then as Project Inder. This skunkworks team was initially tasked with exploring the burgeoning e-bike market. Notably, the project even enlisted the expertise of Jony Ive’s renowned design firm, LoveFrom, underscoring the serious intent behind creating aesthetically pleasing and highly functional electric bikes.

Now operating as an independent entity, Also Inc. is poised to expand its product portfolio beyond e-bikes, with ambitious plans to introduce a diverse array of micro-EVs designed for various urban commuting needs. While specific designs remain under wraps, the company is expected to unveil its first products later this year, promising to reshape how individuals navigate cityscapes.

Attempts to reach Rivian and Also Inc. for comment on this latest development were unsuccessful at the time of this publication. The market will be keenly watching for further announcements from Also Inc. as it moves forward with its bold plans to innovate within the micromobility sector.