In an exciting development for the micromobility sector, Also Inc., a startup that emerged from Rivian earlier this year, has successfully secured $200 million in funding from Greenoaks Capital. This significant investment marks a pivotal moment for the company, as reported by Bloomberg News.
This latest funding round elevates Also’s valuation to an impressive $1 billion, showcasing the growing interest in sustainable transportation solutions. Earlier this year, the company had already raised $105 million from Eclipse Ventures, further solidifying its financial foundation as it transitioned from Rivian.
Originally conceived as a secretive project within Rivian in 2022, known as Project Inder, the team focused on developing innovative e-bikes. They even collaborated with renowned designer Jony Ive’s firm, LoveFrom, to enhance the design and functionality of their products.
Now operating independently, Also Inc. is set to diversify its offerings by creating a range of micro-electric vehicles (micro-EVs) tailored to various needs. The company is expected to unveil its first designs later this year, generating anticipation among consumers and industry experts alike.
As of now, both Rivian and Also Inc. have not provided any comments regarding this funding round. TechCrunch will continue to monitor the situation and provide updates as more information becomes available.