Just the other week, Also Inc., a new micromobility startup that spun out of Rivian earlier this year, raised an eye-popping $200 million. Greenoaks Capital led this highly oversubscribed round. As a result, the company’s post-money valuation soars to an eye-popping $1 billion. For the manufacturer, it represents a notable accomplishment in their tremendous growth path!
Just this past week, Also Inc. That’s a big jump, considering this follows on an impressive $105 million round they raised from Eclipse Ventures earlier this year. The firm, which officially launched in 2022 after beginning as a Rivian skunkworks team, was initially known as Project Inder. Now, it has emerged as a mission-driven, nonprofit operating company focused on bringing innovation to urban transportation.
Inc. envisions creating a new category of micro-electric vehicles (micro-EVs) with all kinds of shapes and uses. The young startup has not released any information about the actual product yet. We can look forward to the first designs being unveiled later this year! This ambitious plan is a fantastic example of the increasing realization that urban areas need sustainable, smart, efficient transportation options.
Rivian and Also Inc. are moving full speed ahead, and are playing with some pretty big money. We were unable to get their spokespeople on the line to discuss their recent funding round or the company’s direction going forward. Industry analysts view this funding as a bullish indicator—in other words, a strong affirmation of investor confidence. It showcases the vision and market potential of Also Inc.
Greenoaks Capital isn’t the only firm backing Also Inc. Eclipse Ventures has come to the rescue with key seed funding that helped the startup make the pivot from Rivian. As evident by their recent news, Also Inc. has amassed incredible talent. Today, it is better equipped than ever to meaningfully influence the evolving micromobility landscape.
Bloomberg News originally reported the news on Also Inc.’s funding round. This announcement led to great fanfare and enthusiasm over the startup’s visionary proposals for reinventing the micromobility sector. As urban areas continue to grapple with congestion and pollution, Also Inc.’s focus on micro-EVs could offer viable solutions for sustainable transportation.