Also Inc., a player in the micromobility space, has emerged as a billion-dollar startup after it has secured $200 million in fresh funding from Greenoaks Capital. Originally incubated inside Rivian under the code name Project Inder in 2022, the venture began with ambitions to design an e-bike and attracted the design expertise of Apple designer Jony Ive’s LoveFrom.
Earlier this year, the project was spun off into an independent company, raising $105 million in its initial round led by Eclipse Ventures. With Rivian retaining a minority stake, Also now boasts a post-money valuation of $1 billion, attaining the unicorn status.
Riding the micromobility wave
The timing of Also’s rise aligns with renewed investor enthusiasm in micromobility, a sector that had cooled in recent years due to profitability concerns and policy hurdles. Market projections now forecast growth of $28.3 billion in global micromobility markets between 2025 and 2029, translating to a compound annual growth rate of 10.4%. This bullish outlook is reflected in the size and pace of Also’s funding rounds, despite it not having unveiled a product yet.
Historically, micromobility startups have struggled to convince investors without proven consumer demand or government backing. However, Also’s association with Rivian and its high-profile design collaboration appears to have mitigated these concerns. The confidence shown by heavyweight investors like Greenoaks suggests expectations of market impact once the company goes to market with its product line.
Behind Also: E-bikes as a climate solution
While Also has yet to release specific product designs, its focus on e-bikes and small-form electric vehicles signals an intent to address a pressing climate challenge. In the US, transportation remains the largest source of greenhouse gas emissions, with personal vehicles making up the bulk of the problem. E-bikes present a low-emissions alternative for short trips, yet current usage data shows that only around 35% of car trips are replaced by e-bike journeys.
This indicates vast untapped potential for behaviour change and opportunity for a compelling brand to shift consumer habits. By focusing on design, functionality, and smart connectivity, Also could differentiate itself from the crowded field of generic e-bike manufacturers and encourage wider adoption.
Navigating a patchwork policy landscape
For US-based micromobility firms, one of the greatest hurdles remains policy inconsistency. Federal-level strategies are still lacking, and much of the support comes at state and local levels, creating an uneven playing field. For companies like Also, this could mean tailoring go-to-market strategies city by city.
That said, urban transportation trends continue to shift in favor of lightweight electric vehicles as cities grapple with congestion, emissions, and infrastructure stress. Also’s anticipated product line, promising to include micro-EVs beyond e-bikes, could find enthusiastic reception in dense, forward-looking urban centers.
The Rivian connection
While Rivian has not commented publicly on the spinout since its launch, the automaker retains a minority stake and likely strategic interest in Also’s progress. Rivian itself reported Q2 deliveries of 10,661 vehicles and maintained its annual delivery forecast of 40,000–46,000 units. The company is also deepening its $5.8 billion partnership with Volkswagen Group to accelerate the development of EV platforms and software.
Also appears to be a strategic move for Rivian: a way to explore urban electric transport without diverting focus from its core electric truck and SUV products. Given the fast-moving and design-intensive nature of micromobility, giving Also its own space and leadership could enable faster innovation and market responsiveness.
Design as a differentiator
One of the most compelling aspects of Also’s journey so far is its collaboration with Jony Ive’s LoveFrom, the design studio led by Apple’s former chief designer. While specific products remain under wraps, this partnership hints at an ambition to elevate micromobility from utility to lifestyle.
If Also can deliver beautifully designed, highly functional vehicles that feel more like consumer electronics than traditional bikes or scooters, it could open up new demographic segments and premium price points. This strategy has precedent: Apple, Peloton, and Tesla all leveraged strong design and brand storytelling to change how consumers relate to everyday technologies.
What’s next for Also?
Also plans to reveal its first designs later this year. In a competitive but fragmented market, early product reception will be crucial. With $305 million in capital, ties to one of the EV industry’s best-known names, and a design pedigree that few startups can match, the company is well-positioned to shake up the micromobility landscape.
Its success, however, will ultimately depend on execution, building compelling products, navigating complex urban regulations, and convincing consumers to swap car keys for handlebars. If it can clear these hurdles, Also may prove to be one of the most impactful EV stories to emerge in 2025.
