ALSO, a Palo Alto-based designer of small electric vehicles including the TM-B e-bike and TM-Q quad, has raised $200M in Series C funding led by Greenoaks Capital with participation from DoorDash. The spinoff from Rivian targets Transcendent Mobility with efficient alternatives to cars for urban trips via innovative hardware-software integration. The capital will accelerate production and development of autonomous delivery vehicles through a partnership with DoorDash.
DoorDash Deal Signals Delivery Shift
The round brings ALSO's total funding to $505M and values the company above $1B per TechCrunch. DoorDash gains a board seat alongside a multiyear agreement to deploy small EVs in bike lanes and road-adjacent spaces. This comes as Rad Power Bikes has raised $329M total for utility e-bikes, while Super73 secured $96M. ALSO differentiates with Rivian-grade DreamRide series hybrid propulsion and modular frames.
Urban Last-Mile Chaos Drives Demand
Last-mile delivery faces unsolved challenges at intersections of roadways, bike lanes, and curbsides. Current solutions struggle in dense urban environments where traditional vehicles congest streets. E-bike adoption surges amid urbanization and regulations favoring clean transport. ALSO addresses this with purpose-built small EVs optimized for these messy spaces.
DreamRide Redefines E-Bike Control
The TM-B e-bike features DreamRide, a software-defined series hybrid with no mechanical pedal-wheel connection, delivering up to 10x assist and 180Nm torque. Tool-free modular top frames swap in seconds for solo, utility, or bench configurations, enabling up to 100-mile range. The TM-Q quad handles cargo and passengers. This pedal-by-wire system contrasts with competitors' traditional pedal-assist designs.
As ALSO stated in a press release:
"The intersection of roads and road-adjacent spaces, such as bike lanes, shoulders and curbsides, are the areas that make up the hardest part of the last-mile delivery puzzle. This partnership is focused on unlocking those spaces."
Greenoaks Backs Rivian Spinoff Scale
Greenoaks leads this round following prior investments from Eclipse Ventures and Rivian. The profile signals growth capital for production ramp as shipping starts Spring 2026. DoorDash's involvement validates enterprise traction, with Amazon already ordering thousands of pedal-assist delivery vehicles. This strategic mix positions ALSO for B2B logistics dominance.
E-Bike Market Scales to $180B
The global e-bike market stands at $68.34B in 2025, projected to reach $180.25B by 2035 at 10.18% CAGR per Precedence Research. Trends favor connected software-defined bikes and cargo models for last-mile logistics. Aventon, backed by Sequoia at ~$590M valuation, focuses on performance commuters. Structural shifts like city congestion and environmental rules channel capital here.
Rivian Founders Drive Micromobility
Co-founder and Chairman RJ Scaringe founded Rivian, now public at peak $10B+ valuation. President Chris Yu, ex-Rivian VP Product, led the micromobility skunkworks that spun into ALSO with $105M initial funding. Their EV scaling expertise applies automotive rigor to e-bikes and quads. The team draws from Tesla, Apple, and Lucid for drivetrain and software.
Autonomous Delivery Expansion Ahead
ALSO plans deployments with DoorDash for autonomous vehicles in urban spaces. Amazon's thousands of TM-Q orders signal fleet scaling. Pre-orders opened with $50 reservations, and recent awards like Design & Innovation 2026 validate the TM-B. Production ramps target fall 2026 launch momentum into logistics partnerships.