After recently partnering with Dutch transport app Gaiyo, Berlin-based micro-mobility company TIER Mobility announced that it has raised $200M (approx €171.49M) in its Series D round of funding.
With this round, the company has now raised a total of $660M (approx €514.59M) in equity and debt funding to date and sits at a valuation of $2B (approx €1.71B).
The funding follows TIER Mobilities’ significant growth year. Recently launched in the Netherlands, its 16th country, the company also expanded across Europe and the Middle East to new cities such as Manama (Bahrain), Budapest (Hungary), and London, after winning the tender to run the capital’s first e-scooter scheme.
Investors in this round
The Series D round was led by existing investors SoftBank Vision Fund 2, Mubadala Capital, RTP Global, Novator, White Star Capital, Northzone, and Speedinvest. In addition, the round also saw participation from new partners such as M&G Investments, a green impact fund, and Mountain Partners, a diversified global investment holding.
CFO of TIER Mobility, Alex Gayer says, “The trust and conviction of our new and existing investors will help us accelerate our growth plans and cement TIER’s market leadership in Europe. This equity funding provides further firepower to scale our multimodal market presence globally, and pursue strategic investments & acquisitions. Our vehicle capex needs will be serviced with the debt capacity unlocked.”
Gayer adds, “Our goal is to build TIER into the European micro-mobility powerhouse, building on our current position as the number one player in the shared electric scooters market.”
How will the funds be utilised?
Since its launch in 2018, TIER Mobility has deployed 135,000 e-scooters, e-bikes and e-mopeds across 150 cities in 16 countries. The company now plans for acquisitions and strategic investments, as well as expanding its international coverage across strategic growth markets.
In addition, TIER Mobility will also invest in extending its multi-modal fleet across Europe and the Middle East and roll out its TIER Energy Network – a network of battery charging stations hosted by local businesses.
CEO & co-founder of TIER Mobility Lawrence Leuschner says, “The funding provides TIER with additional resources to fulfill our mission to Change Mobility For Good. Clocking more than 80 million trips and replacing over 13 million car rides in such a short amount of time proves beyond doubt that cities around the world are desperate to make their transport networks safer and to move towards a zero-emission future.”
“Change Mobility For Good”
Founded by Lawrence Leuschner, Julian Blessin, and Matthias Laug, TIER Mobility is a shared micro-mobility provider of e-scooters, e-bikes, and e-mopeds integrated with 30 different public transport providers.
Through its platform, TIER Mobility allows for the integration of all micro-mobility assets. This enables it to enter strategic partnerships with public transportation providers, and other mobility providers such as Sixt – a German multinational car rental company.
TIER’s battery-swapping technology and fully owned operations – which utilises electric cargo bikes and electric vans – eliminate the need to transport vehicles to warehouses for charging. This reduces operational costs as well as emissions. As part of its commitment to sustainability, the company has adopted the United Nations’ Sustainable Development Goals (SDGs) as a guiding framework and has set a clear agenda for reducing and offsetting emissions. Tier Mobility claims to have been a climate-neutral company since January 2020.
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