Achieving unicorn status, once rare, is now as easy as riding a bike … provided that bike has an electric-assist motor.
On Tuesday, e-bike startup and Rivian spinoff Also scored unicorn status with a $1 billion valuation in a new $200 million funding round, as the world grows weary of diesel dependency. But that’s not all: It also makes last-mile autonomous delivery drones, and on Tuesday, it announced a new partnership to help DoorDash grow its fleet of robot couriers.
The billion-dollar valuation comes before Also bikes have officially hit the streets. In October, the company unveiled its flagship TM-B e-bike; it confirmed to The Daily Upside on Tuesday that it plans on beginning deliveries in “late spring.” Online reviewers have raved about early test rides, and the company has found myriad ways to innovate on the 200-year-old two-wheel technology. Notable features include a touchscreen display, a regenerative braking system for battery charging and top pedal-assist speeds of 28 miles per hour. The fully packed edition retails at $4,500, putting it in the lower end of premium e-bikes.
While the industry has spent the last year in a Chapter 11 shredder, a new “War Economy” at the pump is changing the math:
Sales of e-bikes in 2025 reached $826 million, down from a peak in 2022 but up from 2023 and 2024. The downturn has nevertheless hurt the industry: Rad Power Bikes, which had a peak valuation of $1.65 billion in 2021, filed for Chapter 11 bankruptcy in December. Other industry heavyweights-turned-flops, such as EBC and Propella, went out of business.
On the other hand, online searches for electric bicycles have surged to all-time highs in the past month as the war in Iran sparks a wave of energy anxiety, according to Google Trends data.
Special Delivery: Also isn’t putting all its eggs in the e-bike handlebar basket, however. In October, the company also unveiled a four-wheel “Quad” version for commercial delivery drivers and is developing autonomous delivery vehicles that can navigate bike lanes, shoulders and curbsides as part of the DoorDash partnership.
