Telecommunications and internet group SoftBank’s Vision Fund 2 led a $250m series C round for Germany-headquartered electric scooter rental service Tier today.
Vision Fund was joined by Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, which invested an eight-figure amount through its Mubadala Capital unit, along with Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global.
Tier runs an app-based electric scooter rental service that uses a 60,000-strong scooter network stretched across 80 cities in 10 countries. The series C proceeds will be used to expand into new markets and further deploy its urban scooter charging infrastructure.
Yanni Pipilis, managing partner at SoftBank Investment Advisers, which runs Vision Fund 2, said: “Micromobility fills a large gap left by traditional urban car usage and presents a viable alternative to legacy transit systems.
“Tier has a proven track record in establishing long standing partnerships with cities and regulators, combined with a technology-led approach to develop leading customer propositions.”
The company has now raised at least $287m since it was founded in 2018, having closed a series B round that included insurance provider Axa Germany at more than $100m in February this year.
RTP Global, Novator, Mubadala Capital, Goodwater Capital, Speedinvest, Point Nine Capital, Evli Growth Partners, White Star Capital, Northzone, Indico Capital Partners, Kibo Ventures and Market One Capital were also part of the series B round along with unnamed individuals.
Tier had already received $35m in series A funding from Northzone, White Star Capital, Indico Capital Partners, Kibo Ventures, Market One and Nico Rosberg in February 2019, following $2.3m from Point Nine Capital and Speedinvest X in late 2018.
Photo courtesy of Tier.
