TIER, one of Europe’s leading European micro-mobility players, today announced the completion of a €211.2 million Series C funding round led by SoftBank’s Vision Fund 2i. Investor’s from previous TIER funding rounds including Mubadala Investment Company’s financial investment arm, Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global also participated in the round.
Since its 2018 launch, TIER has established itself as the Europe’s market leader through capital efficiency and operational excellence as it deployed 60.000 e-scooters across 80 cities in ten countries. The Berlin-based startup is already profitable and will use the investment to accelerate the company’s vision to ‘Change Mobility for Good’. TIER is revolutionising urban transport with innovative new technologies and micro-mobility solutions that significantly reduce car traffic and free cities from emissions and congestion.
The fresh capital will be used to significantly extend the company’s coverage in Europe, to accelerate its ambitious expansion into strategic growth markets and to fast track its TIER Energy Network; an innovation that will see thousands of charging stations installed in cities across Europe to power electric vehicles in the most efficient and sustainable way. In addition to the closed Series C investment round, TIER is currently in the process of securing a significant debt facility to fund vehicle expansion.
Lawrence Leuschner, CEO and co-founder of TIER, commented: “After achieving profitability with our e-scooters, we have in place the foundations to lead the way towards seamless and sustainable mobility. Our vision is a completely new way of how we will move in cities in the future: all electric, shared and affordable, and with different vehicles powered by one energy network. Together with, city and national government, we will build the best solutions to ensure safe, highly efficient, and sustainable movement from A to B. We are excited to partner with SoftBank Vision Fund and will substantially benefit from their vast experience in building global leaders in mobility.”
Yanni Pipilis, Managing Partner at SoftBank Investment Advisers, stated: “Micro-mobility fills a large gap left by traditional urban car usage and presents a viable alternative to legacy transit systems. TIER has a proven track record in establishing long standing partnerships with cities and regulators, combined with a technology-led approach to develop leading customer propositions. We are pleased to support Lawrence and his team in building on this success.”
By the way: A few weeks ago we published an overview/comparison featuring Europe’s leading e-scooter players.