Adler's investment philosophy is unchanged for the new funding. One thing that has changed, however, is the emergence of micromobility options such as e-bikes and scooters. Those are not included in CB Insights' numbers, but Adler anticipates giving them a long look.
"We're seeing more in micromobility as business models evolve and bifurcate, and we're seeing hardware-as-a-service," he said. "There's a separating out of hardware components and costs into a service, and that's really interesting to us. Pay by the trip or pay by the unit of consumption. I'm excited to see how this might evolve."
A potential example: Scooter company Bird announced a pilot program last week that offers scooter subscriptions for $24.99 a month in select locations.
Though Adler didn't refer to Bird's program, he said, "Subscriptions can mean loyalty, so if there's really low friction on a business model and the service is amazing, we'll look for those opportunities as well. That brand value can create a moat around the business."