SoftBank has made its first standalone investment into a dedicated scooter startup, leading a $250 million round into Germany's Tier.
"This round brings us into pole position within the micro-mobility industry globally," Tier CEO and cofounder Lawrence Leuschner told Business Insider in an interview. "It's always been harder for European companies to compete with the Americans but now we have the capital do that sustainably." Founded in 2018, Tier allows users to rent its electric scooters through an app. It competes with well-funded US firms such as Bird and Lime, as well as smaller local rivals such as Wind and Voi.
The cash injection also comes as scooter firms head into a tough winter, with the coronavirus putting summer tourism on hold. However, startups see an opportunity in changing transport habits as people avoid crowded buses and metros and favour individual modes of transport, such as scooters.SoftBank's cash injection, from its yet-to-close Vision Fund 2, marks the Japanese giant's tendency to back firms whose interests overlap.
Cool
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Shorting it immediately. Because SoftBank.
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