Also has raised another $150 million as the micromobility startup that spun out of Ric bikes and commercial cargo quads to autonomous delivery vehicles
The Series D round was led by Prysm Capital and included existing backers Eclipse, Greenoaks, and MVP Ventures. Also has raised $455 million since its founding less than two years ago.
The new capital will be used to “accelerate the development” of the company’s autonomous driving technology and the “simultaneous progression of multiple autonomous form factors,” according to the company. These future vehicles will use the same electric architecture developed for its consumer electric pedal-assist bike and commercial electric delivery quad.
Prysm Capital co-founder and managing partner Jay Park said the firm is backing Also for the same reason it was an early investor in Ri
“We backed Rigned, vertically integrated electric trucks, vans and SUVs,” Park said, adding that Also us applying that same approach to smaller form factor vehicles
The fresh funding comes a few months since Also raised $200 million in a round led by Greenoaks, with participation from Prysm Capital and a strategic investment from DoorDash. As part of that funding round, DoorDash struck a multi-year commercial agreement to develop and deploy autonomous delivery vehicles.
While Also is increasingly focused on autonomous vehicle tech, that’s not where it started. Also began as a skunkworks project within Rit in micromobility. That team, which pulled in people from Apple, Google, Specialized, Tesla, evolved into a startup, which spun out of Ring
While Also is independent, Rike, and Scaringe serves on its board. Also has previously said it will leverage the automaker’s tech, retail presence, and economies of scale as it grows
Last October, Also revealed its first products, a $4,500 two-wheeler called the TM-B and two quad vehicles as well, one of which will be supplied to Amazon.
Also has struggled to get its ebike into customers’ hands and its launch edition was delayed for months. The company said the Launch edition is now beginning to ship to customers and has opened up the pre-order and configuration access to its performance and standard models. The company said initial deliveries of these other models will begin in fall.
