From EVs to Micromobility: Rivian Offshoot Nets $200M for E-Bike Market Push
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Also Inc., the micromobility startup spun out of Rivian earlier this year, has secured $200 million in fresh funding led by Greenoaks Capital, catapulting its valuation to $1 billion. The move marks a pivotal step in Rivian’s strategic shift toward urban mobility and cements Also as a serious contender in the rapidly growing micro-EV market.
The Funding and Valuation
The latest funding round solidifies investor confidence in Also’s vision, following an earlier $105 million injection by Eclipse Ventures when the company separated from Rivian. Notably, Rivian retains a minority stake and board involvement, ensuring continued access to its EV technology and supply chain networks.
From Skunkworks to Standalone
Also’s origins trace back to 2022, when Rivian initiated “Project Inder,” an internal team exploring micro-EVs—particularly e-bikes. The project gained traction, attracting talent from Apple, Tesla, and Google, and by early 2025, Rivian spun it off as an independent company.
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The spinoff wasn’t just a financial decision; it was a strategic play. Rivian, renowned for its electric trucks and SUVs, recognized the need to diversify into micromobility without diluting its core brand. “This separation lets Also focus entirely on urban micro-EVs,” explains a source close to the company, “while Rivian maintains a foothold in the sector through its minority stake.”
What’s Next for Also?
The $200 million will accelerate R&D and manufacturing ahead of a planned 2026 production launch. Also’s first models, expected to debut later this year, include high-tech e-bikes with integrated connectivity and premium design—courtesy of Jony Ive’s LoveFrom firm.
But the company isn’t stopping there. Its roadmap hints at:
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- Consumer e-bikes: Geared toward urban commuters with Rivian-like tech integration.
- Commercial micro-EVs: Targeting delivery and logistics sectors.
- Three- and four-wheel options: Including compact neighborhood EVs, expanding beyond traditional micromobility.
Industry Implications
This isn’t just another startup story. The funding and Rivian’s backing position Also at the intersection of automotive and tech, leveraging cross-industry expertise to tackle urban mobility challenges.
Analysts point to global trends—cities investing in cycling infrastructure, tightening emissions regulations, and rising demand for affordable electric transport—as tailwinds for Also’s strategy. “They’re entering a crowded market,” notes a transportation expert, “but with Rivian’s legacy and Greenoaks’ validation, they’ve got a fighting chance to stand out.”
As Also prepares its first product reveal, one thing is clear: the race for the future of urban transportation just got more interesting.
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