Rivian’s blockbuster IPO promises to keep Wall Street riveted over the coming days, and for good reason. The company’s financial success is also part of a larger shift in the mobility sector.

Investments in European micromobility startups are going through the roof and leading the global VC deal count, as US counterparts struggle to rebuild their momentum after a banner year in 2018.

Berlin-based Tier Mobility has raised Europe’s largest-ever micromobility VC round.

Micromobility startups have not been immune to the negative repercussions of the COVID-19 pandemic, but a post-crisis rebound could yet be on the horizon.

Lime has raised $170 million in a round led by Uber, giving the electric scooter startup a much-needed breather to manage pandemic-fueled losses.

Scooter startup Bird unveiled $275 million in new funding Thursday led by Silicon Valley stalwart Sequoia and Canadian pension investor CDPQ at a $2.75 billion valuation.

A critical juncture for micromobility has arrived. The astronomical growth in VC activity has slowed, with deal count and value currently on pace to hit three-year lows.