Rivian Spinoff Also Inc. Raises $200 Million from Greenoaks Capital
In an exciting development, Also Inc., the micromobility startup that was spun out of Rivian earlier this year, has secured a significant investment of $200 million from Greenoaks Capital. This news comes from a recent report by Bloomberg News, providing a boost to the company’s growth and expansion plans.
With this latest funding round, Also’s post-money valuation now stands at an impressive $1 billion. This marks a notable achievement for the startup, which previously raised $105 million from Eclipse Ventures when it first separated from Rivian.
The origins of Also can be traced back to 2022 when it started as a skunkworks team within Rivian under the name Project Inder, as reported by JS. Initially focusing on the development of an e-bike, the team even enlisted the expertise of renowned Apple designer Jony Ive’s firm, LoveFrom, to contribute to the project.
Having now established itself as an independent entity, Also is set to revolutionize the micro-EV market with a diverse range of products in the pipeline. The company is expected to unveil its initial designs later this year, showcasing its innovation and commitment to sustainable mobility solutions.
Despite attempts to reach out to Rivian and Also for comment, both companies remained unavailable for response at the time of writing. JS will continue to monitor the situation and provide updates as necessary.
