Hyperdrive
SoftBank Leads $250 Million Investment in E-Scooter Startup Tier
Tier says it’s profitable after building a fleet of about 60,000 e-scooters in 80 European cities.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
SoftBank Group Corp.’s second Vision Fund is leading a $250 million investment in German e-scooter rental startup Tier Mobility, one of the biggest rivals to U.S. giants Bird Rides Inc. and Lime.
Tier will use the money to roll out to more cities in Europe and grow its network of charging stations, the Berlin-based company said Tuesday. The firm said it’s also in the process of securing a debt facility to finance an expansion of its vehicle fleet.