Also hits $1B valuation with $150M round to fund small-vehicle autonomy
What's the deal? Also, a Palo Alto micromobility startup, has raised a $150 million Series D led by Prysm CapitalDealroom has a profile for this one. Try Dealroom →, with participation from Eclipse Ventures and Greenoaks Capital Partners. The round pushes the two-year-old company's valuation past $1 billion — despite its most visible product being a $3,500 e-bike.
What's the endgame? Also builds a small-vehicle technology platform: in-house motors, batteries, compute, and software designed to drop into anything smaller than a car. The bike is only the first form factor; delivery quads and eventually fully autonomous vehicles follow.
The new capital is earmarked to accelerate that autonomous platform. The company is developing multiple autonomous hardware projects at once — for both goods and passengers — built on the architecture underpinning its consumer bike, the TM-B, and commercial delivery quad, the TM-Q.
Why now? Also spun out of EV maker Rivian in early 2025 after running as a stealth project. Funding has moved fast: $105 million at spinout, a $200 million Series C led by Greenoaks earlier this year, and a strategic investment from DoorDash. Rivian founder RJ ScaringeDealroom has a profile for this one. Try Dealroom → co-founded Also and remains chairman of both.
Chief executive officer Chris YuDealroom has a profile for this one. Try Dealroom → argues the case for smaller vehicles is obvious. "Repurposing a 7,000 pound van, truck or SUV to do across-town trips with one passenger, or to deliver a toothbrush from Amazon or a hamburger on DoorDash, just doesn't make sense," he told Fortune.
What could go wrong? The e-bike category is under pressure. Rad Power Bikes went bankrupt, Juiced Bikes collapsed, and PorscheDealroom has a profile for this one. Try Dealroom → exited altogether. David Zipper reads the bankruptcies as proof the market is saturated, not underserved.
Yu pushes back. "The performance of existing products within the category is not a signal about the demand and the size of the market," he said, blaming unreliable batteries and clunky locks rather than weak demand.
The signal: At $150 million, Also's Series D lands in the 91st percentile of all US energy Series D rounds — a strong bet in a bruised category. The global micromobility market is still valued around $50 billion and is projected to more than double by the early 2030s, and investors are wagering that autonomy, not just nicer bikes, is where the value sits.
Read more: Fortune
Image credit: Also
