ALSO Hits Unicorn Status With $200M Series C From Greenoaks

ALSO, the small electric vehicle company spun out of Rivian in March 2025, has raised $200 million in Series C funding led by Greenoaks Capital with participation from Prysm Capital and strategic investment from DoorDash. The round values the company at over $1 billion, marking ALSO's achievement of unicorn status. This brings the company's total funding to approximately $505 million across three rounds since its spinoff. DoorDash co-founder and Head of DoorDash Labs Stanley Tang joined ALSO's board as an observer as part of the investment.

Beyond the capital injection, ALSO and DoorDash signed a multi-year commercial agreement to develop and deploy purpose-built autonomous vehicles for last-mile delivery at scale. ALSO designs small electric vehicles optimized for urban delivery spaces including bike lanes, curbs, and road-adjacent areas where larger vehicles cannot efficiently operate. The company's existing product lineup includes the TM-B electric bike and TM-Q electric delivery quad, both pedal-capable EVs. The funding will accelerate production and manufacturing scale-up, with ALSO planning to begin U.S. deliveries in 2026 followed by international expansion.

ALSO was originally incubated within Rivian and combines in-house hardware, software, and manufacturing capabilities. Rivian retains a significant minority ownership stake in the company. The Series C round follows ALSO's Series B funding of $105 million from Eclipse Ventures in March 2025, when Rivian founder and CEO RJ Scaringe took a board seat. The DoorDash partnership validates enterprise traction for ALSO's autonomous delivery vehicles in a rapidly evolving last-mile logistics market.