Rivian Spinoff Making Small EVs Valued at $1 Billion

A Rivian Automotive Inc.-backed startup developing small electric vehicles was valued at $1 billion in a new investment from Greenoaks Capital, according to people familiar with the matter.

The venture firm put $200 million into the business, known as Also Inc., at a $1 billion post-money valuation, said the people, who asked not to be identified discussing nonpublic details.