Fast Facts
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Funding Success: Also Inc., a micromobility startup spun out from Rivian, has secured $200 million in funding, boosting its valuation to $1 billion.
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Origins and Development: Originally a skunkworks project within Rivian called Project Inder, Also focused on developing e-bikes with the help of designer Jony Ive’s firm, LoveFrom.
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Future Plans: As an independent company, Also aims to produce a range of micro-EVs and plans to unveil its first designs later this year.
- Media Response: Rivian and Also did not provide comments regarding the funding round, with updates promised if there’s further communication.
The Rise of Also Inc. and the Future of E-Bikes
Also Inc., a new player in the micromobility space, recently secured $200 million in funding from Greenoaks Capital. This investment boosts the company’s valuation to a remarkable $1 billion. Just earlier this year, Also raised $105 million from Eclipse Ventures after it spun off from Rivian. Originally, it began as a skunkworks team known as Project Inder at Rivian in 2022. This evolution reflects a growing recognition of the potential for electric bicycles and micro electric vehicles (micro-EVs) in urban environments.
As cities continue to grapple with congestion and pollution, micromobility solutions present a practical alternative to traditional transportation. Also aims to create innovative designs for micro-EVs, promising to unveil its first models later this year. Collaborating with renowned design firm LoveFrom, Also seems poised to blend functionality with aesthetics, setting the stage for widespread market acceptance. This development signals a shift in how we think about personal transportation and sustainability.
Implications for Urban Mobility
The rise of Also and its focus on e-bikes challenge the status quo of urban transportation. Transitioning to micro-EVs may not only ease traffic woes but also contribute to greener cities. As governments push for sustainable initiatives, riding an e-bike could become a viable and attractive option for many commuters. In turn, this could lead to increased adoption among those seeking efficient and eco-friendly travel solutions.
Moreover, the investment from Greenoaks Capital showcases investor confidence in the micromobility sector. As companies like Also emerge, they will likely encourage competition and innovation, beneficial for consumers. This trend suggests that we might be on the verge of a significant change in how we move within our cities. The future of transportation may lie not in larger vehicles but in smaller, more adaptable solutions, marking a pivotal shift in our daily journeys.
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