Scooter startup Tier raises $60m led by UAE’s Mubadala Capital

Image from pixabay

One of Europe’s biggest e-scooter sharing companies said it has raised $60 million in new financing, led in part by one of the sovereign wealth vehicles behind SoftBank Group Corp.’s gargantuan Vision Fund.

Berlin-based Tier Mobility, a primary competitor to U.S. e-scooter unicorns Lime and Bird, said it would use the money to accelerate its expansion across the continent, which presently extends to more than 40 cities in 12 countries. A valuation wasn’t disclosed, though by Tier’s own calculations, its 10 million rides in eleven months of operation mark it as the fastest-growing mobility startup yet.

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