Rivian Spinoff Also Hits $1 Billion Valuation in Greenoaks Round

Rivian Automotive’s small-electric-vehicle offshoot, Also Inc., has been valued at about $1 billion after securing a $200 million funding round led by venture firm Greenoaks Capital. The fresh capital gives the three-year-old company unicorn status as it pursues compact battery-powered models aimed at urban drivers. Rivian retains a significant stake in Also, which operates independently but leverages its parent’s battery technology and supply chain. The funding is expected to accelerate production at the startup’s planned U.S. assembly site and expand its engineering team, according to people familiar with the matter.