Berlin-based Tier Mobility has raised $60 million in venture capital to expand its electric scooter sharing service, a sign of how bullish investors remain even as cities struggle to regulate the new transportation mode.
Proponents hail electric scooters, and their electric bike cousins, as a key to helping cities become less dependent on cars and reducing emissions. At the same time, the flood of scooters on streets and sidewalks caused by chaotic rollouts around the world has triggered a backlash among local residents over issues of safety and unsightliness.
But none of that seems to have slowed their popularity with users. Tier boasts that it has seen 10 million rides since it launched less than a year ago. It now operates in more than 40 cities and is looking to rapidly expand, thanks to this new round led by Mubadala Capital and Goodwater Capital.
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