The Berlin-based micromobility provider Tier Mobility has raised $200 million (171 million euros) from existing and new investors in its Series D funding round.
Tier plans to use the funds for acquisitions and strategic investments and to expand its international presence in strategic growth markets. In June this year, Tier secured $60 million from Goldman Sachs.
The company says it currently has 135,000 electric scooters, e-bikes and e-mopeds in use in over 150 cities in 16 countries. Tier plans the expansion of its multi-modal fleet in Europe and the Middle East, as well as the launch of the company’s proprietary network of battery charging stations, called the Tier Energy Network, which is based on collaboration with local small businesses.
The Series D financing involved existing investors such as SoftBank Vision Fund 2, Mubadala Capital, RTP Global, Novator, White Star Capital, Northzone and Speedinvest, as well as new partners such as M&G Investments and Mountain Partners, according to the statement. With this $200 million financing, Tier says it has secured “its position as the best-funded micromobility provider in Europe.”
That being said, here in Berlin there has been something of a price war among the electric scooter providers – hotly contesting a secure user-base. In August this year, Estonian multi-modal mobility services provider Bolt raised $600 million for its expansion into grocery and restaurant delivery services. Unlike Tier, Bolt also offers electric car services, but is fairly new on the electric scooter market and is aggressively dropping prices as part of its strategy.
Tier is following a strategy of ultimate sustainability with its battery swapping system as well as following its mission to get people out of cars in inner cities and onto the more space- and energy-effective modes of e-bikes, electric scooters and electric mopeds.
“The funding provides Tier with additional resources to fulfil our mission to Change Mobility For Good,” says Lawrence Leuschner, CEO and co-founder of Tier Mobility. “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.”
Niranjan Sirdeshpande, director of new investor M&G’s Catalyst Investment Team, noted that Tier has shown strong growth over the past three years. He points out that the company has managed to expand its multi-modal product offering, while “building important industry partnerships, and winning highly-prized tenders.” He exclaimed that “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.”
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