Rivian Spinoff Also Hits 1 Billion Dollar Valuation
The startup raised 200 million dollars to deploy autonomous EVs for deliveries. DoorDash co-founder Stanley Tang will join the board as an observer this year.
The electric vehicle startup Also, a spinoff originally incubated within Rivian Automotive, Inc., has reached a $1 billion valuation following a new strategic partnership and investment from DoorDash, Inc.. The startup raised $200 million in a Series C funding round that included participation from DoorDash, Prysm Capital, and Greenoaks.
The partnership includes a multi-year agreement focused on the deployment of small autonomous electric vehicles for delivery purposes. Stanley Tang, the co-founder of DoorDash and head of DoorDash Labs, is set to join Also as a board observer. Tang commented on the potential of the new technology to enhance logistics operations:
