BikeBiz Bicycle and cycling retail news
Also. Inc., the e-bike spin-off from EV maker Rivian, has, this past week, become a $1 billion valued company, with the announcement of a new $200 million investment from Greenoaks Capital.
This latest funding adds to the original “$105 million in funding from Eclipse Ventures” announced at spin-off.
News of the new investment, shared via Bloomberg and other business-focused media outlets, highlights that investment in the sector remains an attractive option – for the right business and investment partners.
In sharing the news, the business stated: “We are thrilled to announce a significant investment by Greenoaks, valuing Also at $1B. This funding will help accelerate our path to creating the world’s leading micromobility products and technology. We couldn’t be more excited about the partnership with, and conviction from, the entire Greenoaks team.
“Together with existing partners, Eclipse and Rivian, we are incredibly well-positioned to deliver positive impact in the rapidly growing global micromobility space. We can’t wait to unveil our launch product portfolio and underlying technology later this fall.”
Leadership team
As Rivian announced the news that Also. Inc. was going solo, the team behind the new business became clear.
Former Specialized Chief Product and Technology Officer, Chris Yu, leads the new business, having spent more than three years at Rivian as the EV manufacturer’s VP of Future Programmes.
For those wondering what form the business will take, Yu is joined by Matt Bergerson, a 21-plus-year veteran of REI, now Head of Retail and Service Operations for Also. Inc.
Recruitment phase
The business is, as would be expected, actively looking for “extraordinary people to join us on this journey”, listing 31 currently open positions.
Background and overview
Rivian founder, RJ Scaringe, spoke at the point of launch for Also. Inc., highlighting that “there’s a lot of trips that are a much shorter distance, and actually work better with something that’s a much smaller form factor….”
Watching progress take shape
The business has “started to share some previews of the inner workings of our first product on Instagram @ridealso.” In sharing the news, Also points out that “We’re still not quite ready to reveal the full story, but in the coming weeks we’re going to share more and more sneak peeks into the pieces and parts that make an Also vehicle an Also.”
Sharing a little more detail, the following is added: “Like in the larger sibling vehicles being built by our friends at Rivian, Also’s technology ingredients showcase the deep capabilities across hardware and software that are core to the Also team. Our technology platform is built on the same state-of-the-art, vertically-integrated principles as the most modern EVs in the world today.
Zonal architecture? Yep, we’ve got that.
In-house motors? You betcha!
Power electronics? Check!
Custom vehicle software? Heck yeah!
Together, these components and the architecture that ties them together, underpin not just our first small EV, but the range of vehicles and form factors we’re imagining—and building—beyond that.
Most importantly, this deep capability forms a powerful canvas that allows our team to bring to life all-new, amazing experiences and innovative features that would otherwise be impossible to deliver.
And, importantly, it gives us the ability to continually add features, improve the product and enhance the experience of owning (and riding) over time with over-the-air updates.”
