Also Inc. Secures $200 Million in Funding, Valuation Reaches $1 Billion

Also Inc., a startup focused on the development of small electric vehicles, has secured $200 million in its latest funding round from Greenoaks Capital, bringing its post-money valuation to $1 billion. Representatives from Rivian, Also Inc., Eclipse, and Greenoaks Capital did not immediately comment on the report. Previously, Also Inc. announced that it had raised $105 million in Series B funding from venture capital firm Eclipse, aiming to develop lightweight electric vehicles. In March of this year, American electric vehicle manufacturer Rivian announced the spin-off of its micro-mobility business into a new company called Also Inc. At that time, Rivian CEO RJ Scaringe revealed that Also Inc. would operate as an independent entity and plan to unveil its products later this year, while Rivian would retain a minority stake in Also Inc. Unlike Rivian's focus on consumer-grade full-size electric vehicles, Also Inc. positions itself as a provider of 'micro-mobility' solutions, concentrating on developing small vehicles suitable for short-distance travel. Although Also Inc. has not disclosed specific details about its product line, it has stated that its technology platform will be applicable to electric bicycles, tricycles, and four-wheel products, including community electric vehicles and microcars. Also Inc. plans to launch its first flagship product for the U.S. and European markets in 2026, followed by customized electric vehicles for the Asian and South American markets to drive global expansion. Notably, Also Inc. anticipates that by 2050, 7 billion people will live in urban centers, and current road infrastructure is nearing its limits. The company pointed out that road transportation is the primary source of global CO2 emissions, yet 80% of car trips are less than 15 miles (approximately 24 kilometers), and 50% of car trips are even shorter than 6 miles (about 9.6 kilometers). Also Inc. believes that there is a need for more efficient mobility solutions within overburdened and environmentally at-risk transportation systems and asserts that the world urgently needs to develop diverse alternatives beyond cars for transportation. Due to the growing demand for sustainable transportation, more startups are turning their attention to small electric vehicles to address issues of traffic congestion, rising costs, and increasing emissions. However, the micro-mobility sector has faced significant challenges in recent years, with companies like Van Moof, Bird, and Lime struggling due to high costs and regulatory hurdles, leading to the failure of their business models to convert venture capital enthusiasm into profitable urban mobility solutions.