Also Inc. Raises $200 Million in Latest Financing Round
Emerging from Rivian earlier this year, Also Inc., a promising micromobility startup, has secured a ample $200 million investment from greenoaks Capital. This significant funding boost propels the company’s valuation to an impressive $1 billion milestone.
Evolution from In-House Concept to Autonomous Startup
Originally launched as an internal project at Rivian under the codename Project Inder in 2022, Also began by developing an electric bike prototype. The team partnered with LoveFrom,the creative studio helmed by famed Apple designer Jony Ive,to enhance both the design and usability of their early models.
Aiming for a Broad spectrum of Micro-Electric Vehicles
Now operating independently, Also is preparing to introduce a diverse portfolio of micro-electric vehicles (micro-EVs). The company plans to reveal its initial product lineup later this year as part of its strategy to revolutionize urban transportation with compact and eco-amiable options.
Capital Infusions Driving Expansion and Innovation
- This latest round builds on an earlier Series A funding where Also raised $105 million from Eclipse Ventures shortly after spinning off from Rivian.
- the new capital will accelerate research and progress efforts while supporting market launch initiatives amid rising global demand for enduring mobility solutions.
The Growing micromobility Sector: Trends and Opportunities
The global micromobility industry is forecasted to surpass $320 billion by 2030, fueled by rapid urbanization and increasing environmental awareness. Startups like Also are well-positioned to lead this transformation in how peopel move within cities efficiently and sustainably. As a notable example, Seoul has witnessed a 75% surge in electric scooter usage over three years-demonstrating strong consumer enthusiasm for compact electric transport alternatives.
