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Rivian spinout Also raises $150M Series D led by Prysm

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TL;DR

  • Also raised a $150 million Series D funding round led by Prysm Capital, with existing backers Eclipse, Greenoaks, and MVP Ventures participating.
  • The round brings Also's total funding to $455 million since spinning out of Rivian less than two years ago, pushing its valuation past $1 billion.
  • New capital will accelerate Also's autonomous driving technology across multiple vehicle form factors, on top of a DoorDash multiyear delivery agreement.

Also, the micromobility company spun out of Rivian less than two years ago, has raised a $150 million Series D led by Prysm Capital, with existing backers Eclipse, Greenoaks, and MVP Ventures joining, TechCrunch reported. The round brings Also's total funding to $455 million and, per the reporting, pushed the two-year-old startup's valuation past $1 billion.

The company sells an electric bike, the TM-B, and commercial electric cargo quads, and has autonomous delivery vehicles in development. Amazon is buying pedal-assist cargo vehicles from Also; DoorDash has a multiyear commercial agreement for the autonomous delivery vehicles. The new capital will 'accelerate the development' of Also's autonomous driving technology across multiple form factors.

Prysm Capital co-founder and managing partner Jay Park framed the bet as an extension of an earlier one: 'We backed Rivian early because we saw the potential behind wonderfully designed, vertically integrated electric trucks, vans, and SUVs.' RJ Scaringe, Rivian's founder and CEO, co-founded Also.

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Originally reported by warp.dev

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