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Tier and Dott have announced a preliminary agreement to bring the two companies together to form one of Europe’s leading micromobility operators.
The joint entity will continue to operate under the Tier and Dott brands, combining the two provider’s expertise.
This transaction is subject to several conditions, and will be only effective upon fulfilment and closing, expected within two months of this announcement.
Together, the companies generate combined revenues of €250 million, supporting more than 125 million trips a year in around 20 countries.
With operations in major global cities including Berlin, Brussels, Dubai, Helsinki, London, Madrid, Paris, Rome, Tel Aviv and Warsaw, the business will be well positioned to be profitable and support the transition to more sustainable transport.
The deal will be backed by a mix of existing shareholders from both Tier and Dott, led by Mubadala Capital and Sofina, and including Estari, M&G, Prosus Ventures, Novator and White Star Capital, which are investing €60 million in equity to support the long-term vision of the new joint business.
The Berlin-headquartered company will benefit from the experience of the founders and leadership from Tier and Dott: Lawrence Leuschner as chairman, Henri Moissinac as chief executive officer, Maxim Romain as chief operating officer, and Alex Gayer as chief financial officer.
Lawrence Leuschner, co-founder and CEO of Tier, said: “I am delighted to join forces with Dott, further strengthening our position as the European micromobility champion and marking the next phase in the development of the industry.
“We are united by a shared vision of cities with more sustainable transport options and fewer cars, and we are committed to helping users and cities make this a reality. With an expanded footprint and combined expertise, I look forward to providing a record number of rides in 2024.”
This new combined company says it is dedicated to providing more sustainable transport options, to reduce congestion and pollution in urban areas.
Its mission is to lower car use by offering users a reliable and efficient service, well integrated with public transport and with minimal environmental impact.
The new entity will combine the expertise from both operating models and incorporate the advanced technology from each service.
Henri Moissinac, co-founder and CEO of Dott, added: “We are very optimistic about the future of shared micro-mobility. Cities are adapting to reduce car dependency, and encouraging people to make sustainable transport choices. We have built a service that users love, operated in a responsible way.
“By bringing Tier and Dott together, we are well positioned to capture the next phase of growth and further accelerate our path to profitability. We are creating the European champion that will provide the best experience to our users, carefully integrated into the cities we operate in.”
Riders will continue to access Tier and Dott vehicles through their respective apps, with more convergence possible in the future.
