Surging Scooter Startup Raises $60 Million Led by #UAE’s Mubadala - Bloomberg

Surging Scooter Startup Raises $60 Million Led by UAE’s Mubadala - Bloomberg:

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. 



Leading the German startup’s new funding is Mubadala Capital, an arm of Abu Dhabi’s sovereign wealth-backed Mubadala Investment Co., alongside Silicon Valley’s Goodwater Capital. Mubadala forms part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments, and in 2017 it committed $15 billion to SoftBank’s $100 billion Vision Fund.