Also Inc., the micromobility startup spun out of Rivian earlier this year, has raised $200 million from Greenoaks Capital, according to a new report from Bloomberg News.
The funding round brings Also’s post-money valuation to $1 billion. The startup raised $105 million from Eclipse Ventures earlier this year when it was cleaved from Rivian.
Also started as a skunkworks team inside Rivian in 2022 known as Project Inder, as TechCrunch previously reported. The team started working on an e-bike and even tapped famed Apple designer Jony Ive’s firm LoveFrom to help with the project.
Now established as its own company, Also plans to make micro-EVs of all shapes and sizes, and is supposed to reveal the first designs at some point later this year.
Rivian and Also could not be reached for comment. TechCrunch will update the article if the companies respond.