In a significant development for the micromobility sector, Also Inc., a startup that spun out of electric vehicle giant Rivian earlier this year, has successfully raised $200 million in funding. The investment, led by Greenoaks Capital, has propelled the company to a post-money valuation of $1 billion, earning it unicorn status in record time.
Also Inc. is focused on creating innovative small electric vehicles, including e-bikes and other compact mobility solutions, aimed at transforming urban transportation. By leveraging Rivian’s cutting-edge technology, the startup seeks to address the growing demand for sustainable and efficient alternatives to traditional vehicles in densely populated cities.
The funding round marks a pivotal moment for Also Inc., as it positions the company to scale its operations and accelerate product development. With this capital infusion, the startup plans to expand its team, enhance its manufacturing capabilities, and bring its micro-EVs to market faster.
Rivian, known for its electric trucks and SUVs, continues to support Also Inc. through a strategic partnership, providing technological expertise and resources. This collaboration underscores Rivian’s broader vision of promoting sustainability across various segments of the transportation industry.
Industry experts see this investment as a strong signal of confidence in the micromobility market, which is expected to grow exponentially in the coming years. Also Inc.’s focus on compact, eco-friendly vehicles aligns with global trends toward reducing carbon footprints and easing urban congestion.
As Also Inc. moves forward, the company aims to carve out a significant share of the micromobility space, competing with established players while introducing innovative solutions. With substantial backing and a clear vision, the Rivian spinoff is poised to make waves in the industry.
Alfred Lee
