Also, a micromobility startup spun out of electric vehicle maker Rivian, has raised $200 million in new funding from Greenoaks Capital, pushing its total capital raised to $305 million and achieving a $1 billion post-money valuation. Originally incubated as “Project Inder” inside Rivian in 2022, the company was formally spun off earlier this year and previously raised $105 million in a round led by Eclipse Ventures. Also has not yet released a product but has generated investor enthusiasm thanks in part to its strategic ties to Rivian and its collaboration with Jony Ive’s design firm, LoveFrom.
Investor confidence reflects growing optimism in the micromobility market, which is projected to expand by $28.3 billion globally between 2025 and 2029. “The confidence shown by heavyweight investors like Greenoaks suggests expectations of market impact once the company goes to market with its product line,” the company stated. While details remain limited, Also is expected to debut e-bikes and other compact electric vehicles later this year. The company enters a fragmented market with regulatory challenges and limited federal guidance, but its urban mobility focus and high-end design approach may offer a competitive edge. With a strong capital position and high-profile backers, Also’s next moves could signal new directions for short-range electric transport in U.S. cities.
