TIER raises $200 million Series D funding round to fulfil its mission to Change Mobility For Good
October 25, 2021
- Participants in the funding round include existing investors SoftBank Vision Fund 2, Mubadala Capital, RTP Global, Novator, White Star Capital, Northzone, and Speedinvest alongside new partners like M&G Investments and Mountain Partners
- This round of funding is part of a broader equity and debt raise
Berlin, October 25, 2021 - TIER, Europe’s micro-mobility leader, today announced the first close of its $200 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 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, and Mountain Partners, a diversified global investment holding. 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.
Since its 2018 launch, TIER has established itself as the European market leader through unrivalled capital efficiency and operational excellence. 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 roll- out of its innovative TIER Energy Network, a network of battery charging stations hosted by local businesses.
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 Mobility: "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.”
The funding comes on the back of a momentous year for TIER. The 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 raised a total of $660 million in equity and debt funding to date.
ABOUT TIER Mobility
TIER Mobility is Europe's leading shared micro-mobility provider, with a mission to Change Mobility for Good. By providing people with a range of shared, light electric vehicles, from e-scooters to e-bikes and e-mopeds, powered by a proprietary Energy Network, TIER helps cities reduce their dependence on cars. Founded in 2018 by Lawrence Leuschner, Matthias Laug and Julian Blessin, TIER is headquartered in Berlin and currently operates in 150+ cities across 16 countries in Europe and the Middle East. With a focus on providing the safest, most equitable and most sustainable mobility solution, TIER has been climate neutral since 2020.
TIER’s investors include SoftBank Vision Fund 2, Mubadala Capital, Northzone, Goodwater Capital and White Star Capital. For more information, please visit tier.app.
ABOUT M&G Investments
M&G Investments is part of M&G plc, a savings and investment business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly owned international investment manager. M&G plc listed as an independent company on the London Stock Exchange in October 2019 and has over £370 billion of assets under management (as at 30 June 2021). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.
For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate.
M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and is a member of the Climate Bonds Initiative Partners Programme.
M&G plc has committed to achieve net zero carbon emissions on its total book of assets under management and administration by 2050 and committed to reduce operational carbon emissions as a corporate entity to net zero by 2030. For more information, please visit: https://global.mandg.com/
VP Corporate Strategy & Development