European startup TIER Mobility raises USD60 million fund in its Series B

Berlin (Urban Transport News): Leading European start-up TIER Mobility today announced that it has raised US$60 million funds through its Series B round led by Mubadala Capital and Goodwater Capital. The company has added two new investors - AXA Germany and Evli as Growth Partners, in addition to further participation from all existing investors, including Northzone, White Star Capital, Kibo Ventures, Speedinvest, Point9, Indico, Market One Capital and selected business angels like Nico Rosberg. According to the company, the TIER Mobility will use this fund to accelerate its European expansion strategy and continue to build the leading micro-mobility platform for people, city authorities and public transportation partners. Presently, TIER Mobility has expanded operations to over 40 cities in 12 countries, established strong leadership positions in key strategic markets and launched 4 iterations of scooter hardware since its funding round in February 2019. TIER mobility surpassed 10 million rides in just eleven months since launch, making TIER the fastest growing mobility company in history. Lawrence Leuschner, CEO and co-founder, TIER Mobility said:

We are extremely excited to have Mubadala Capital and Goodwater Capital lead this round. Mubadala Capital is not only a renowned lifecycle investor representing one of the largest pools of capital globally; but most importantly, they have a vision for a world transformed by technology and innovation, which closely aligns with our mission to Change Mobility for Good

"We are also very pleased to partner with Goodwater Capital, a leading Silicon Valley investor with a long-standing track record of supporting founders as they build companies transforming lives around the world. With their deep experience supporting consumer tech entrepreneurs around the world, they will help us accelerate our expansion plans, bringing the mobility revolution to the largest possible number of users worldwide”, he added. Amer Alaily from Mubadala Capital said:

We firmly believe that micro-mobility as a form of transportation is here to stay, especially in Europe. We are confident that TIER Mobility is best positioned to become the leading player in Europe and Globally. We are excited and look forward to building a global category-leading company out of Europe with Lawrence, Matthias, Alex, and the wider TIER team.

Chi-Hua Chien, Co-Founder & Managing Partner, Goodwater Capital said:

TIER Mobility is not only the fastest-growing mobility company in the world but one of the fastest-growing companies in consumer tech history. With phenomenal execution, they have emerged as the leading micro-mobility provider in Europe with only a fraction of the invested capital of their competitors. This is a true testament to the uniquely capital efficient and profitable model the team chose to deploy from the outset. TIER’s unique approach to operations and partnerships yields superior unit economics and defensibility. We are thrilled to be part of their mission to Change Mobility for Good.

Eric Martineau-Fortin, Founder and Managing Partner, White Star Capital said:

Our team and I have been working closely with TIER Mobility’s management team since we co-led the Series A with Northzone earlier in the year. We’ve been tremendously impressed by the quality of their operations and the team. We are thrilled to further invest alongside truly world-class investors in the Series B round.

In connection with the Series B funding round, J.P. Morgan acted as Financial Advisor and Placement Agent.