Rivian spinout Also launches with $105M for micro EVs
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Micromobility startup Also has spun out of EV company Rivian with $105 million in funding from VC firm Eclipse.
Why it matters: It's a big round to support a brand new player in the world of small electric vehicles.
Catch up quick: Micromobility is anything smaller than a car, generally vehicles like electric bikes, scooters, motorcycles, and 3-wheelers.
Driving the news: The company didn't disclose what its first product would be but said it would develop a portfolio of products for both consumers and businesses.
- Also's first micro electric vehicle is expected to launch next year for consumers in the U.S. and Europe, followed by products for both consumers and businesses in Asia and South America.
Zoom in: Rivian developed Also as an internal project to see how the company's software and hardware could be used for smaller electric vehicles.
- Chris Yu, Rivian's former VP of future programs, is the president of Also. Rivian CEO RJ Scaringe sits on the Also board.
- Eclipse, a VC firm focused on industrial tech, provided the entire $105 million in funding, which includes up through Series B, per the company.
- Eclipse Partner Jiten Behl was previously chief strategy officer and chief growth officer at Rivian.
The big picture: Electric bikes and scooters have taken off globally in recent years.
- Researchers at BloombergNEF say about half of the sales of two- and three-wheelers globally were EVs by 2024. That number is expected to grow to three out of four by 2050.
The bottom line: The micromobility sector just got a new well-funded team from Rivian with big plans.
Katie Fehrenbacher covers climate tech for Axios Pro Deals.
