Rivian spinoff Also reaches $1 billion valuation with DoorDash investment

Rivian Automotive's (NASDAQ: RIVN) spinoff company Also achieved a $1 billion valuation through a new strategic partnership and investment from food delivery company DoorDash (NYSE: DASH), the companies announced Tuesday.

Also raised $200 million in a Series C funding round led by DoorDash, with participation from Prysm Capital and Greenoaks. The autonomous electric vehicle startup signed a multi-year agreement with DoorDash focused on deploying small autonomous electric vehicles for delivery services.

As part of the partnership, Stanley Tang, co-founder of DoorDash and head of DoorDash Labs, will join Also's board as an observer.

Also, which was originally developed within Rivian, specializes in small electric vehicles for goods and passenger transportation. The company's product lineup includes the TM-B electric bike and the TM-Q electric delivery quad.

DoorDash stated the investment supports its strategy to expand autonomous delivery capabilities. Tang said the partnership could improve delivery efficiency and reliability.

The funding will support Also's product development, manufacturing expansion and international growth plans. The company expects to launch its initial vehicles in the United States this year, with expansion into global markets planned for the future.

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