(Bloomberg) -- Former Formula One world champion Nico Rosberg has invested in Berlin e-scooter sharing startup Tier Mobility, as Europe looks to build a local champion to rival U.S. startups Bird Rides Inc. and Lime.
Rosberg’s investment raises the company’s funding to 32.4 million euros ($36 million), Tier said Tuesday, declining to reveal how much he contributed. Germany became the latest nation to approve the use of stand-up e-scooters on roads and bicycle paths last week, paving the way for Tier and its bigger U.S. rivals to scale up in Europe’s biggest economy.
Tier, which employs 200 people and has scooters in 20 cities across Europe, has facilitated more than one million rides since starting operations in October. It’s backed by investors including Northzone, Speedinvest and Point Nine.
Rosberg won the Formula One title in 2016 driving for the Mercedes AMG Petronas team and retired from racing immediately afterward. He backs the Formula E electric race championship, cites Benjamin Graham’s “The Intelligent Investor” as his guide for investing wisdom, and has backed startups including Lyft Inc. and Elon Musk’s SpaceX.
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