Birthed at Rivian, now holding a billion-dollar valuation
Also Inc., a new player in the micromobility sector, has raised $200 million in funding from Greenoaks Capital. This latest funding round has elevated Also's post-money valuation to $1 billion.
The company, which originated as a spin-off from Rivian earlier this year, began as an internal project at Rivian in 2022, operating under the codename Project Inder. Initially, the team focused on developing an e-bike, with collaboration from LoveFrom, the design firm founded by Jony Ive.
However, details about the funding and future plans of Also Inc. and Rivian have not been immediately disclosed. Neither Also Inc. nor Rivian has provided comments on the funding or future plans.
The funding marks a significant milestone for Also Inc., as it establishes itself as an independent entity. The company's focus remains on the development of micro-electric vehicles, with plans to unveil its initial product designs later this year.
Also Inc. aims to develop and manufacture a variety of micro-EVs, signalling its ambition to make a significant impact in the rapidly growing micromobility market. The exact nature of these vehicles is yet to be revealed, but the anticipation is high, given the company's partnership with LoveFrom and its backing by Greenoaks Capital.
As the industry evolves, Also Inc. is poised to bring innovative solutions to the table, promising an exciting future for the world of micro-electric vehicles. Stay tuned for more updates as the company prepares to unveil its product designs later this year.
