Also Raises $150 Million Series D, Valued Over $1 Billion

Micromobility startup Also announced on Wednesday that it has raised $150 million in a Series D funding round, led by Prysm Capital, with participation from Eclipse Capital and Greenoaks. This funding round propels the two-year-old company's valuation to over $1 billion. Although Also's most visible product to date is a $3,500 e-bike, the company positions itself as a developer of a small-vehicle technology platform, encompassing in-house motors, batteries, compute, and software. The core of Also's strategy is to deploy this technology across any vehicle smaller than a car, including pedal-assist delivery quads and, in the future, fully autonomous vehicles. The company originated as a stealth project within electric vehicle manufacturer Rivian, spinning out in early 2025. Rivian founder RJ Scaringe co-founded Also and continues to serve as its chairman. Since its spinout, Also has rapidly secured significant funding, including $105 million at the time of its separation from Rivian, followed by a $200 million Series C round earlier this year, which was led by Greenoaks and included Prysm Capital. Additionally, the company has received a strategic investment from DoorDash, a prominent food delivery service. The newly acquired capital is specifically designated to expedite the development of Also's autonomous vehicle platform. The company is actively working on multiple autonomous hardware projects concurrently, aimed at facilitating the movement of both goods and passengers. These projects are all built upon the existing electric vehicle architecture that currently supports its consumer e-bike, the TM-B, and its commercial electric delivery quad, the TM-Q. Chris Yu, the CEO of Also, articulated the company's vision by stating that repurposing large vehicles like vans, trucks, or SUVs for short-distance trips, whether for single passengers or small deliveries, is inefficient and counterproductive to economic and environmental goals. Yu emphasized that different vehicle scales and form factors will ultimately prove to be the optimal solution for such tasks, aiming to reduce congestion and travel time. Also's technology platform is designed to be modular and adaptable, allowing for integration into various types of small mobility solutions beyond just e-bikes and delivery quads, with a long-term goal of enabling widespread autonomous transportation for personal mobility and logistics.