SoftBank Group Corp’s Vision Fund 2 has led a $250 million investment in Berlin-based e-scooter company Tier Mobility.
Existing investors, including Mubadala Investment Company’s financial investment arm Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global, participated in the Series C funding round.
Including the fresh funding amount, Tier Mobility is now valued just below $1 billion, as per a Financial Times report here that cited people briefed on the terms.
The funding allows Tier Mobility to overtake Lime to be the second-most valuable e-scooter company after Bird, the newspaper said.
The company was launched in October 2018.
The equity from SoftBank and others will be used to expand into new kinds of so-called “micromobility” vehicles, which are smaller and less polluting than traditional cars, and build out its charging network, Tier Mobility’s Chief Executive Officer Lawrence Leuschner said.