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

Also Inc., a micromobility startup that was spun out of electric vehicle maker Rivian earlier in 2023, has secured an additional $200 million in funding from Greenoaks Capital. This latest investment raises Also’s valuation to $1 billion post-money. Previously, the company had raised $105 million from Eclipse Ventures shortly after its separation from Rivian. Originally formed as an internal project at Rivian in 2022 called Project Inder, Also began developing an e-bike with design input from Jony Ive’s firm LoveFrom. Now operating independently, Also aims to produce a range of micro-electric vehicles (micro-EVs) and plans to unveil its initial designs later this year. Both Rivian and Also have not provided comments on the funding or future plans as of the report.