Rivian Spinoff Also Secures $200M Funding to Revolutionize E-Bikes and Micromobility

In a significant boost to the micromobility sector, Also Inc., a startup spun out of electric vehicle giant Rivian earlier this year, has successfully raised $200 million in a recent funding round led by Greenoaks Capital. This substantial investment underscores the growing interest in sustainable urban transportation solutions and positions Also as a key player in the e-bike and small electric vehicle market.

According to reports, the funding values Also at an impressive $1 billion, reflecting strong investor confidence in the startup’s vision to transform how people move in urban environments. The company aims to leverage this capital to accelerate the development and production of innovative e-bikes and other micromobility solutions, catering to the increasing demand for eco-friendly alternatives to traditional transportation.

Also Inc. was originally conceived as a skunkworks project within Rivian, a company known for its electric trucks and SUVs. The spinoff allows Also to focus exclusively on smaller-scale electric vehicles, tapping into a niche yet rapidly expanding market segment. This strategic move by Rivian highlights the potential for diversification in the broader EV ecosystem.

With urban congestion and environmental concerns driving the need for sustainable transport, Also’s products are expected to offer practical solutions for short-distance travel. The company plans to prioritize user-friendly designs and cutting-edge technology to differentiate itself from competitors in the crowded micromobility space.

The $200 million injection from Greenoaks Capital will likely fuel Also’s expansion, including scaling up manufacturing capabilities and potentially exploring new markets. Industry experts believe this funding could also support research into advanced battery technologies and smart connectivity features, further enhancing the appeal of Also’s offerings.

As the micromobility sector continues to evolve, Also Inc. is poised to make a significant impact with its innovative approach. With Rivian’s backing and substantial financial support, the startup is well-positioned to redefine urban travel, making it more sustainable and accessible for millions worldwide.