Rivian Spinout Also Raises $150M for Autonomous Delivery Push
Rivian spinout Also raises $150 million, bringing funding to $455 million as it develops autonomous delivery vehicles and begins delayed TM-B shipments.
Summary
Rivian micromobility spinout Also raised a $150 million Series D led by Prysm Capital, with Eclipse, Greenoaks and MVP Ventures participating, bringing funding to $455 million less than two years after its founding. Also will accelerate autonomous driving technology and develop multiple autonomous vehicle formats using the electric architecture behind its consumer pedal assist bike and commercial delivery quad. Prysm co-founder and managing partner Jay Park compared the investment to its early Rivian backing, citing the same vertically integrated design approach applied to smaller vehicles.
The round follows a $200 million financing led by Greenoaks a few months earlier, with Prysm participating and DoorDash making a strategic investment alongside a multiyear agreement to develop and deploy autonomous delivery vehicles. Also began inside Rivian as an RJ Scaringe-backed skunkworks staffed by recruits from Apple, Google, Specialized and Tesla, then became independent in 2025 with $150 million. Rivian retains a minority stake, Scaringe sits on Also’s board, and Also plans to use Rivian’s technology, retail presence and scale. In October 2025, Also unveiled the $4,500 TM-B two-wheeler and two quads, including one for Amazon. After months of delays, TM-B Launch edition shipments are beginning, while performance and standard models are open for preorder and configuration ahead of initial fall deliveries.
Positives
- The $150 million Series D lifts Also’s reported funding to $455 million less than two years after its founding.
- DoorDash’s strategic investment includes a multiyear agreement to develop and deploy Also autonomous delivery vehicles.
- The delayed TM-B Launch edition is beginning to ship, while performance and standard models are available for preorder and configuration.
- Rivian remains connected through a minority stake, RJ Scaringe’s board seat and access to its technology, retail network and economies of scale.
- Amazon is set to receive one of the two electric quad models Also unveiled in October 2025.
Risks & concerns
- The $4,500 TM-B Launch edition reached customers only after a delay lasting several months.
- Also’s autonomous delivery vehicles remain under development as it simultaneously advances multiple future vehicle formats.
- Initial deliveries of the TM-B performance and standard models are not scheduled to begin until fall 2026.