TIER has announced the first close of its $200 million Series D funding round.
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.
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 TIER Energy Network, a network of battery charging stations hosted by local businesses.
Amer Alaily, director at Mubadala Capital – Ventures, Europe, said: “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 micromobility 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, said: “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, said: “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 and 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, said: “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.”