Also Raises $200 Million to Boost Micromobility Innovations

Palo Alto-based startup Also, known for its innovative approach to micromobility, has successfully raised $200 million in a Series C funding round. The round was led by Greenoaks, with additional investments from Prysm Capital and DoorDash. Founded by Chris Yu, who also serves as President and Co-Founder, the company is focused on developing electric bikes that serve multiple purposes, from cargo to commuting to trail biking.

Strategic Partnerships and Investor Involvement

The funding round is significant not only for its size but also for the strategic partnerships it brings along. DoorDash, a participant in this round, is not only investing capital but is also entering into a multi-year commercial agreement with Also. This collaboration aims to develop and deploy autonomous delivery vehicles, enhancing last-mile delivery solutions. As part of this partnership, Stanley Tang, Co-Founder and Head of DoorDash Labs, will join the Also team as a board observer.

Plans for the Future

The newly acquired funds are earmarked for several key initiatives:

  • Product Development: Also plans to accelerate the development of its electric micromobility platforms, which include the TM-B electric bike and TM-Q electric delivery quad.
  • Manufacturing Expansion: Increasing manufacturing capacity to meet anticipated demand is a top priority.
  • Global Deployment: The company aims to expand its market reach beyond the United States, with initial international deliveries expected following U.S. rollouts in 2026.

Chris Yu highlighted the importance of this funding, especially in the context of autonomous delivery solutions. "Small autonomous EVs are optimal in these environments and that is what ALSO is building from the ground up," he noted.

Focus on Autonomous Delivery

Also is targeting the last-mile delivery segment with its small electric vehicles, which are designed to operate efficiently across various urban settings, including roadways and bike lanes. The partnership with DoorDash is seen as a pivotal step in this direction, allowing the company to focus on both human transport and goods delivery using a mix of manual and autonomous vehicles.

Conclusion

With this significant infusion of capital, Also is well-positioned to enhance its product offerings and expand its reach globally. The strategic involvement of companies like DoorDash not only provides financial backing but also opens avenues for technological collaboration, particularly in the realm of autonomous delivery solutions.