Berlin-based provider of micro-mobility solutions TIER Mobility, which specialises in e-scooters, is part of an ongoing transformation of transportation, relieving cities from emissions and congestion.
Founded in October 2018, Tier currently operates in over 40 cities across 12 markets worldwide, and has now raised €55 million in a Series B funding round led by Mubadala Capital and Goodwater Capital.
The company also welcomes AXA Germany and Evli Growth Partners as new investors, in addition to further participation from all existing investors, including White Star Capital, Northzone, Speedinvest, Point9, Indico, Kibo Ventures, Market One Capital and selected business angels like Nico Rosberg.
TIER Mobility will use proceeds to accelerate its European expansion strategy and continue to build the leading micro-mobility platform for citizens, city authorities and public transportation partners.
Since its funding round in February 2019, TIER Mobility has expanded operations to over 40 cities in 12 countries, established strong leadership positions in key strategic markets and launched four iterations of scooter hardware. As a result, TIER surpassed 10 million rides in just eleven months since launch.
“We are extremely excited to have Mubadala Capital and Goodwater Capital lead this round,” said Lawrence Leuschner, CEO and co-founder of TIER Mobility. “Mubadala Capital is not only a renowned lifecycle investor representing one of the largest pools of capital globally; but most importantly, they have a vision for a world transformed by technology and innovation, which closely aligns with our mission to Change Mobility for Good.”
“We firmly believe that micro-mobility as a form of transportation is here to stay, especially in Europe,” said Amer Alaily from Mubadala Capital. “We are confident that TIER Mobility is best positioned to become the leading player in Europe and Globally. We are excited and look forward to building a global category leading company out of Europe with Lawrence, Matthias, Alex and the wider TIER team.”
“TIER Mobility is not only the fastest growing mobility company in the world, but one of the fastest growing companies in consumer tech history,” said Chi-Hua Chien, co-founder & managing partner at Goodwater Capital. “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.”
J.P. Morgan acted as exclusive financial advisor and placement agent in connection with the Series B funding round.