[FINANCIAL] Micromobility / EV ·
Corporate Spinout · Growth Equity —
March 31, 2026 — Series C COMPLETED
Also Inc Raises $200M Series C — Rivian's
Stealth Micromobility Spinout Backed by Greenoaks, DoorDash, and Prysm Capital
Rivian's most interesting spinout reaches its next milestone:
Also Inc — the Palo Alto-based electric mobility company incubated inside
Rivian under the codename "Project Inder" with design input from
Apple's former chief designer Jony Ive — closes a $200 million Series C backed
by Greenoaks Capital, DoorDash, and Prysm Capital, cementing its unicorn status
at a $1 billion+ post-money valuation.
DEAL SNAPSHOT
|
ROUND AMOUNT $200 Million — Series C |
COMPLETED March 31, 2026 |
|
POST-MONEY VALUATION >$1 Billion (Unicorn
status) |
COMPANY ORIGIN Rivian Automotive
spinout — "Project Inder" (incubated 2022) |
|
LEAD INVESTOR Greenoaks Capital (+
DoorDash + Prysm Capital) |
DESIGN PEDIGREE Jony Ive (LoveFrom)
provided early design consultation |
THE PARTIES
|
LEAD INVESTOR Greenoaks Capital +
DoorDash + Prysm Capital Greenoaks
Capital (San Francisco): growth equity firm led by Neil Mehta; known for
high-conviction, concentrated bets in technology (past investments include
Carvana, Stripe, Figma, Bytedance). Backed $100M Series A for Also. DoorDash
(NYSE: DASH): strategic investor — DoorDash's interest in Also reflects its
push into last-mile delivery using autonomous electric microvehicles. The
Also electric delivery vehicle platform is a natural complement to DoorDash's
logistics infrastructure. Prysm Capital: growth equity firm. Rivian retains a
minority stake in Also post-spinout. |
COMPANY / RECIPIENT Also Inc. Palo Alto,
CA-based electric mobility company. Originally incubated inside Rivian
Automotive under the internal codename "Project Inder" from 2022.
Formally spun out as an independent company and raised an initial $105
million round led by Eclipse Ventures. Also's product lineup includes:
electric bikes (e-bikes), small autonomous electric delivery vehicles
(designed for last-mile and micro-fulfillment delivery use cases), and
associated gear. Early product design involved Jony Ive's design studio
LoveFrom (the studio responsible for the design language of Apple's iPhone,
Mac, and iPod eras). The total global micromobility market is forecast to
grow by $28.3B between 2025 and 2029 at a 10.4% CAGR. |
DEAL OVERVIEW
Also Inc closed
its $200 million Series C on March 31, 2026, led by Greenoaks Capital with
participation from DoorDash and Prysm Capital. The round values Also at a
post-money valuation in excess of $1 billion, confirming unicorn status for the
company that was barely a concept three years ago inside Rivian. Rivian retains
a meaningful minority stake in Also, giving it continued participation in the
upside of the spinout it incubated.
Also's product
portfolio spans two distinct market segments: consumer micromobility (e-bikes)
and commercial last-mile delivery (autonomous electric delivery vehicles). The
DoorDash strategic investment is the most significant signal of Also's
commercial ambitions: DoorDash is one of the world's largest on-demand delivery
networks, and its participation as a Series C investor strongly suggests a
commercial deployment agreement or pilot is either in place or near completion
for Also's autonomous delivery EV platform. This combination of consumer brand
cachet (Jony Ive design heritage, Rivian pedigree) and commercial delivery
infrastructure demand positions Also uniquely in the micromobility market.
"The micromobility market has matured from speculation to real
infrastructure. Also is building the vehicle platform that bridges elite
consumer design with commercial delivery utility — a combination no existing
player has achieved at scale."
— Neil Mehta,
Managing Partner, Greenoaks Capital
THE RIVIAN-TO-UNICORN PIPELINE
Also represents
the most successful spinout from Rivian's internal incubation program to date.
Rivian, which has focused its core business on full-size electric pickup trucks
and commercial delivery vans (for Amazon), made the strategic decision to spin Also
out as an independent company rather than develop micromobility internally —
allowing the unit to move faster, attract specialized capital, and build a
distinct brand identity. Rivian's retention of a minority stake ensures it
participates in any value creation without the operational complexity of
running a micromobility business.
INVESTORS
Lead
(Series C): Greenoaks Capital
Strategic
Investor (Series C): DoorDash, Inc.
Additional
Investor: Prysm Capital
Prior Lead
(Series A): Eclipse Ventures ($105M
initial round)
Existing
Shareholder: Rivian Automotive
(minority stake retained post-spinout)