TIER today announced the first close of its €172 million Series D funding round, consolidating its position as the best funded micro-mobility company in Europe. As part of a broader equity and debt capital raise, this round of funding is led by previous investors SoftBank Vision Fund 2, Mubadala Capital and adds new partners like M&G Investments, a green impact fund. The funding provides TIER with additional resources to fulfil its mission to ‘Change Mobility For Good’ combined with the goal of providing the safest, most equitable and sustainable mobility solution in the market.
Since its 2018 launch, TIER has established itself as the European market leader through capital efficiency and operational excellence. To date, the German startup deployed 135,000 e-scooters, e-bikes and e-mopeds across 150 cities in 16 countries. TIER plans to use the fresh capital for acquisitions and strategic investments, while expanding its international coverage across strategic growth markets.
TIER will also further invest in extending its multi-modal fleet across Europe and the Middle East and continue the roll- out of its innovative TIER Energy Network, a network of battery charging stations hosted by local businesses.
Alex Gayer, CFO at TIER, commented: “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. 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.”
Lawrence Leuschner, the CEO and Co-founder of TIER Mobility stated: “The funding provides TIER with additional resources to fulfil 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.”
The funding comes on the back of a momentous year for TIER. The young company recently entered its 16th country and also significantly expanded its presence across Europe and the Middle East with new cities such as Manama (Bahrain), Budapest (Hungary), and London, after winning the tender to run the capital’s first e-scooter scheme. With the launch of e-bikes in several European countries, TIER is expanding its growing range of multimodal options, making it the first European micro-mobility provider to offer users three different types of vehicles in one app.
With a $2 billion valuation, TIER has so far raised a total of $660 million in equity and debt funding.