In a significant development within the electric vehicle (EV) sector, Also Inc., a micromobility startup that emerged from Rivian earlier this year, has successfully raised an additional $200 million in funding from Greenoaks Capital. This latest investment elevates the company’s valuation to $1 billion, underscoring the growing interest and confidence in the micromobility market.
Origins and Evolution of Also Inc.
The journey of Also Inc. began in 2022 as an internal initiative within Rivian, known internally as Project Inder. This skunkworks team was dedicated to exploring the potential of compact electric vehicles, particularly e-bikes, as a means to diversify Rivian’s product offerings beyond its well-known electric trucks and SUVs. The project gained notable momentum when LoveFrom, the design firm led by former Apple chief designer Jony Ive, was brought on board to contribute to the e-bike’s design.
Recognizing the distinct market dynamics and opportunities in the micromobility sector, Rivian decided to spin off Project Inder into a standalone entity, resulting in the formation of Also Inc. This strategic move was accompanied by an initial funding round of $105 million from Eclipse Ventures, setting the stage for the startup’s independent operations.
Strategic Vision and Product Development
With its newfound independence, Also Inc. is poised to revolutionize the micromobility landscape by developing a diverse range of small electric vehicles tailored for urban environments and short-distance travel. The company’s mission is to create scalable, cost-effective electric transportation solutions that cater to both consumer and commercial markets across various regions, including the United States, Europe, Asia, and South America.
The forthcoming product lineup is expected to include e-bikes and other compact electric vehicles, with initial designs slated for unveiling later this year. These innovations aim to address the increasing demand for sustainable and efficient urban mobility solutions, offering alternatives to traditional transportation methods.
Market Context and Industry Implications
The micromobility sector has witnessed a surge in interest and investment, driven by the global push towards sustainable transportation and the need to alleviate urban congestion. E-bikes, in particular, have gained popularity as eco-friendly and convenient modes of transport for short trips. Also Inc.’s substantial funding and strategic focus position it as a formidable player in this evolving market.
The involvement of high-profile investors like Greenoaks Capital and Eclipse Ventures reflects a strong belief in the potential of micromobility solutions to transform urban transportation. Furthermore, the collaboration with renowned designers and the backing of Rivian’s technological expertise provide Also Inc. with a solid foundation to innovate and compete effectively.
Future Prospects and Industry Impact
As Also Inc. prepares to unveil its initial product designs, the industry is keenly observing how the startup’s offerings will influence the micromobility landscape. The company’s commitment to delivering high-quality, affordable electric vehicles aligns with the broader trend of electrification in transportation and the pursuit of sustainable mobility solutions.
The success of Also Inc. could serve as a catalyst for further investments and innovations in the micromobility sector, encouraging other companies to explore similar ventures. Additionally, the startup’s approach to leveraging advanced design and technology may set new standards for product development in this space.
Conclusion
Also Inc.’s recent $200 million funding round marks a significant milestone in its journey to redefine urban transportation through innovative micromobility solutions. With a strong foundation, strategic vision, and substantial financial backing, the company is well-positioned to make a lasting impact on the electric vehicle industry and contribute to the global shift towards sustainable mobility.
