Rivian Spinout Also Secures $150 Million to Advance Autonomous Delivery
Micromobility startup Also has closed a $150 million Series D financing round to support its expansion into autonomous delivery vehicles alongside its existing line of light electric vehicles. Spun out of electric vehicle maker Rivian, the company has now accumulated $455 million in funding within two years of its formation.
What Happened
The latest funding round was led by Prysm Capital, with continued participation from existing investors including Eclipse, Greenoaks, and MVP Ventures. This capital injection follows a $200 million funding round raised just a few months prior, which was led by Greenoaks and included backing from Prysm Capital as well as a strategic investment from DoorDash.
According to Also, the proceeds from this Series D round will be dedicated to accelerating the development of its self-driving systems and simultaneously advancing various autonomous form factors. These upcoming autonomous vehicles will be built upon the same core electric architecture that the company created for its commercial delivery quad and consumer pedal-assist electric bicycle.
Key Highlights
- Capital Raised: $150 million in Series D funding, bringing total funding to $455 million across less than two years.
- Lead Investor: Prysm Capital led the round, citing parallels to its early investment in Rivian’s vertically integrated product strategy.
- Commercial Partnerships: A multiyear commercial agreement with DoorDash to develop and roll out autonomous delivery units, alongside an existing agreement to supply a commercial cargo quad to Amazon.
- Product Lineup: The $4,500 TM-B electric two-wheeler, two commercial quad configurations, and upcoming autonomous vehicle form factors.
- Corporate Lineage: Founded originally as an internal Rivian skunkworks initiative, with Rivian maintaining a minority stake and Rivian CEO RJ Scaringe serving on the board.
Why This Matters
The capital infusion highlights Also’s rapid evolution from a micromobility manufacturer into a developer of automated commercial logistics. When the company emerged from Rivian, its initial product scope centered on electric bicycles and cargo quads. The integration of autonomous capabilities represents a broader push to tackle commercial deliveries using compact electric footprints.
Jay Park, co-founder and managing partner at Prysm Capital, noted that the investment firm supported Also based on principles similar to its early bet on Rivian. Park stated that whereas Rivian proved the viability of vertically integrated, purposefully designed electric pickup trucks, SUVs, and commercial vans, Also is executing that identical engineering and design philosophy within smaller vehicle classes.
Furthermore, Also continues to maintain functional ties with Rivian. In addition to Scaringe’s board seat and Rivian’s equity holding, Also has stated that it plans to tap into Rivian’s technical resources, retail infrastructure, and purchasing scale as production expands.
What to Watch Next
Also is currently transitioning from prototype development to fulfilling customer orders. The company experienced manufacturing delays that postponed the release of its introductory TM-B Launch Edition bike by several months. However, the startup confirmed that Launch Edition units are now shipping to buyers.
Additionally, Also has opened configuration and preorders for its standard and performance TM-B models, with customer deliveries scheduled to commence in the fall. On the commercial front, observers will be tracking the execution of the multiyear deployment partnership with DoorDash as well as the delivery timeline for commercial quads destined for Amazon.
Frequently Asked Questions
Who led Also’s Series D funding round?
The round was led by Prysm Capital, with support from existing backers Eclipse, Greenoaks, and MVP Ventures.
What is the connection between Also and Rivian?
Also started as an internal skunkworks project at Rivian, spearheaded by Rivian founder and CEO RJ Scaringe and staffed with personnel from Tesla, Apple, Google, and Specialized. It officially spun out in 2025. Rivian retains a minority ownership stake, Scaringe serves on Also’s board, and Also leverages Rivian’s technology, retail footprint, and supply chain scale.
What commercial partnerships does Also have?
Also has an agreement to supply one of its commercial quad models to Amazon and has entered into a multiyear commercial partnership with DoorDash to design and deploy autonomous delivery vehicles.
Source: Reporting based on details published by TechCrunch.