The new investment is Europe’s largest-ever venture capital round for a micromobility startup and pushes VC funding in the sector past last year’s record, according to PitchBook data. So far this year, investments have totaled over $480 million across 24 deals, with Tier accounting for more than half of the funding total. Other notable deals include e-bike maker VanMoof‘s $40 million capital raise in September and e-bike subscription service provider Dance‘s €15 million Series A.
Tier will use the new funds for its international expansion and to accelerate the installation of thousands of charging stations in European cities. The Berlin-based startup is also in talks to secure a significant debt facility to build more vehicles. Tier has already deployed 60,000 e-scooters across 80 cities and is now valued at just under $1 billion, according to a report from the Financial Times.
SoftBank’s investment came from its second Vision Fund. Yesterday, the Japanese giant reported a profit of 784.4 billion yen (about $7.6 billion) for its Vision Fund in Q3 2020, the fund’s highest quarterly profit ever, Bloomberg reported.