Tier Mobility was established in 2018 to change urban commuting with its e-scooter rentals, making it possible to reach the last mile. Recently, the German micro-mobility company has secured around $60 million (approx €55 million) in Series B funding round led by Mubadala Capital and Goodwater Capital.
Lawrence Leuschner, CEO and Co-founder of TIER Mobility, commented:
We are extremely excited to have Mubadala Capital and Goodwater Capital lead this round. With their deep experience supporting consumer tech entrepreneurs around the world, they will help us accelerate our expansion plans, bringing the mobility revolution to the largest possible number of users worldwide.
Notably, two new investors AXA Germany and Evli Growth Partners, joined the funding round, in addition to the existing investors, including White Star Capital, Northzone, Speedinvest, Point9, Indico, Kibo Ventures, Market One Capital, and selected business angels like Nico Rosberg.
Amer Alaily from Mubadala Capital said:
We firmly believe that micro-mobility as a form of transportation is here to stay, especially in Europe. We are confident that TIER Mobility is best positioned to become the leading player in Europe and Globally.
The Berlin-based company is planning to use these proceedings to accelerate its European expansion strategy and continue to build the leading micro-mobility platform for citizens, city authorities, and public transportation partners alike. It’s worth mentioning here that J.P. Morgan acted as exclusive Financial Advisor and Placement Agent in connection with the Series B funding round.
Fastest growing mobility company in history!
Interestingly, the demand for e-scooters in cities across the world has helped the industry’s most prominent players achieve bilion dollar valuations in less than two years. Since its funding round in February 2019, the micro-mobility company has expanded operations to over 40 cities in 12 countries with four iterations of scooter hardware. Consequently, the company crossed 10 million rides in just eleven months since launch, making TIER the fastest growing mobility company in history.
Fighting the current status quo!
For the uninitiated, Tier founded by Lawrence Leuschner, Julian Blessin, and Matthias Laug to reduce pollution in cities with their e-scooters. The company aims to fight the current status quo of polluted cities, smog, and ineffective/overpriced transportation modes together with their users and local communities.
Works with companion app!
The e-scooter startup works with a companion app that helps locate the nearest available vehicle. In terms of rates, the company lets users unlock an electric scooter for €1 and take a ride for €0.15 per minute. Headquartered in Berlin, TIER Mobility right now employs over 350 people.
Chi-Hua Chien, Co-Founder & Managing Partner at Goodwater Capital commented:
TIER Mobility is not only the fastest-growing mobility company in the world but one of the fastest-growing companies in consumer tech history. With phenomenal execution, they have emerged as the leading micro-mobility provider in Europe with only a fraction of the invested capital of their competitors. This is a true testament to the uniquely capital efficient and profitable model the team chose to deploy from the outset. TIER’s unique approach to operations and partnerships yields superior unit economics and defensibility. We are thrilled to be part of their mission to Change Mobility for Good.
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