TIER, Europe’s micro-mobility leader, today announced the first close of its $200 million (nearly £145 million) Series funding round to consolidate its position as the best funded micro-mobility company in Europe.
As a part of the wider equity and debt raise, this financing round was led by existing investors SoftBank Vision Fund 2, Mubadala Capital and added new partners like M&G Investments, a green impact fund. With a $2 billion valuation, TIER has raised a total of $660 million in equity and debt funding to date.
The funding provides TIER with additional resources to fulfil its mission to Change Mobility For Good by providing the safest, most equitable and sustainable mobility solution in the market.
Amer Alaily, Director at Mubadala Capital – Ventures, Europe: “Lawrence, Matthias and Alex’s passion for change can be felt across the organisation – from TIER’s hub in Dubai to their HQ in Berlin. They have quickly emerged as not only a leader in the European micro-mobility space, but one whose commitment to sustainability sets them apart from their competitors. We are proud to have been part of their journey and look forward to remaining a partner to Lawrence and his team for years to come.”
Niranjan Sirdeshpande, Director, M&G’s Catalyst Investment Team: “TIER has shown strong growth over the past three years, expanding its multi-modal product offering, building important industry partnerships, and winning highly-prized tenders. We are excited and deeply encouraged by TIER’s outstanding leadership in environmental, social and governance (ESG) performance, helping TIER build on their position as the number one micro-mobility company in Europe and accelerate their success in this competitive industry.”
Alex Gayer, Chief Financial Officer at TIER: “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, CEO and Co-Founder of TIER Mobility: “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.”
Leading micro-mobility service
Founded in 2018 Lawrence Leuschner, Matthias Laug and Julian Blessin, TIER provides people with a range of shared, light electric vehicles, from e-scooters to e-bikes and e-mopeds, powered by a proprietary Energy Network. It helps cities reduce their dependence on cars. Headquartered in Berlin, the company operates across 150+ cities across 16 countries in Europe and the Middle East. It focuses on providing the safest, most equitable and most sustainable mobility solution and has been climate neutral since 2020.
To date, the German company deployed 135,000 e-scooters, e-bikes and e-mopeds across 150 cities in 16 countries. TIER plans to use the funds 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 rollout of its innovative TIER Energy Network, a network of battery charging stations hosted by local businesses.