Berlin-based micro-mobility startup Tier has raised a big Series C round of $250 million. SoftBank Vision Fund 2 is leading the round, which proves that the venture capital group remains focused on high-risk but highly-rewarding bets.
As a reminder, SoftBank has invested in many late-stage funding rounds through its Vision Fund team. Portfolio companies include Nuro, Getaround, GetYourGuide, DoorDash, Grab and WeWork. But this is often the primary time the corporate is investing during a scooter-sharing startup.
Tier’s existing investors Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global also are participating in today’s funding round. consistent with the Financial Times, the corporate is now valued just now below $1 billion.
While Tier isn’t a well known brand within the U.S., the corporate has been expanding rapidly across Europe. It now operates in 80 cities across ten countries. There are 60,000 electric scooters available within the app.
Like other e-scooter rentals startups, like Lime, Bird and Dott, Tier allows you to unlock a scooter using an app and lock it elsewhere . You get billed by the minute.
With the new influx of money , the corporate plans to expand to more cities, deploy more vehicles and launch new products. The startup is additionally within the process of securing a crucial credit line to finance more vehicles.