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

Also Inc., a micromobility venture that emerged from Rivian earlier this year, has successfully secured an impressive $200 million in funding from Greenoaks Capital, as reported by Bloomberg News. This latest investment elevates Also's post-money valuation to a remarkable $1 billion. Initially formed as a skunkworks initiative within Rivian in 2022 under the codename Project Inder, the team behind Also focused on developing an innovative e-bike. They even collaborated with the renowned design firm LoveFrom, led by Apple designer Jony Ive, to enhance their product's aesthetic and functionality. Now operating independently, Also has ambitious plans to create a diverse range of micro-electric vehicles (micro-EVs). The company is expected to unveil its first designs later this year, signaling a significant step forward in the micromobility sector. As of now, both Rivian and Also have not provided any comments regarding the funding or future plans, but updates will follow if they respond.