Source: Reuters

SoftBank Group Corp’s Vision Fund 2 has led a $250 million investment in Berlin-based e-scooter company Tier Mobility, the German firm said on Tuesday.

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, the company said.

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 new 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.