US EditionRivian Spinoff Also Valued at $1 Billion with DoorDash Partnership
The deal includes a $200 million Series C round and a multi-year agreement to deploy purpose-built autonomous delivery vehicles at scale.
- On Tuesday, DoorDash announced a strategic partnership with Rivian spinoff Also, investing $200 million in a Series C funding round that values the small-EV company at over $1 billion.
- Originally incubated within Rivian, the micromobility company specializes in purpose-built small EVs including the TM-B e-bike and TM-Q four-wheeled cargo vehicle designed to navigate bike lanes and curbsides.
- DoorDash Labs Stanley Tang will join the startup's board as an observer, while the companies signed a multi-year commercial agreement to deploy autonomous vehicles at scale.
- Also CEO Chris Yu stated the partnership targets "the intersection of roadways, bike lanes, and road adjacent spaces," addressing what the company called "the hardest part of the last-mile delivery puzzle."
- DoorDash, which has more than 30% of its US monthly active users ordering across grocery and retail categories, seeks to reduce per-delivery labor costs as Also prepares to launch initial vehicles in the United States this year.
14 Articles
14 Articles
Rivian Spinoff ALSO Announces Partnership With DoorDash to Launch Delivery EVs
ALSO, a Palo Alto-based Rivian spin-off that builds small EVs, announced on March 30 a strategic partnership with DoorDash to develop and deploy autonomous vehicles. The multi-year partnership includes an investment in ALSO as part of its $200 million Series C financing round with Prysm Capital and led by Greenoaks. “I couldn’t be more excited to partner with the team at DoorDash to deploy autonomy in areas not yet fully solved for—at the inters…
thedailyupside.com
evshift.comRivian’s E-Bike Spinoff Scores Billion-Dollar Valuation
Achieving unicorn status, once rare, is now as easy as riding a bike … provided that bike has an electric-assist motor. On Tuesday, e-bike startup and Rivian spinoff Also scored unicorn status with a $1 billion valuation in a new $200 million funding round, as the world grows weary of diesel dependency. But that’s not all: It also makes last-mile autonomous delivery drones, and on Tuesday, it announced a new partnership to help DoorDash grow its…
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