- Initial Series B closing led by Mubadala now extended to more than $100 million
- Equity extension closed in December 2019 with RTP Global and Novator now supplemented with debt facility from leading US debt fund
- Funds will be invested in innovation, expansion and building up the team’s capabilities
- Continuing focus on cost efficiency and strong unit economics
Berlin, Germany, 21 February 2020
TIER Mobility, the leading European provider of micro-mobility solutions, has extended its Series B funding round to in excess of $100 million, with additional debt and equity funding being provided by RTP Global (Moscow/New York), Novator (London) and a leading US debt fund, supplementing the initial closing of $60 million led by Mubadala Capital in October 2019.
TIER has expanded rapidly since launching its first city in October 2018, and operates the largest fleet of e-scooters in Europe, in more than 55 cities across 11 countries. TIER is also the first major provider to operate the majority of its fleet with swappable battery scooters, lowering the carbon footprint and further enhancing its best-in-class unit economics.
The additional funds will be invested in R&D for driving further efficiency and vehicle development. Capital will also be used to further strengthen the management team, pursue M&A activities, and to expand the vehicle fleet – bringing sustainable mobility to more people and more cities across Europe.
Birgir Már Ragnarsson, Partner at Novator, said: “Since launching in 2018, TIER has consistently driven innovation in the sector. With further scale, new fleet and the exciting pipeline of investments planned for 2020, TIER is set to further cement its position as the European leader in the space, and we are excited about contributing to the journey ahead.“
Anton Inshutin, Partner at RTP Global, said: “We were impressed by the team’s meticulous focus on capital efficiency and enhancing operational excellence. They have managed to deliver class-leading unit economics, enabling them to expand profitably in the winter. We are very much looking forward to partnering with this impressive team that is unrivalled in its execution as the company continues to scale.”
Alex Gayer, CFO of TIER Mobility, said: “Our new partners represent a winning combination of expertise and capital. With our substantial backing and cost leadership we are now in a fantastic position to accelerate our expansion plans.”
J.P. Morgan acted as exclusive Financial Advisor and Placement Agent in connection with the Series B raise.
About TIER Mobility
TIER Mobility is Europe’s leading provider of micro-mobility solutions with a mission to change mobility for good. The company plays a leading role in the ongoing transformation of transportation, relieving cities from emissions and congestion.
In its commitment to sustainability, the company has adopted the United Nations Sustainable Development Goals (SDGs) as its sustainability framework. TIER has set up an ambitious agenda for reducing and offsetting emissions. As a result of these measures, TIER Mobility is climate neutral as a company from January 2020 on.
The company started its operations in October 2018 and is now operating in 55+ cities across 11 markets. TIER Mobility is headquartered in Berlin and employs over 450 people. The company was founded by Lawrence Leuschner, Matthias Laug and Julian Blessin.
For more information about TIER Mobility, please visit: www.tier.app. You can find more pictures here.
About RTP Global
RTP Global is a Venture Capital firm focused on early-stage technology investments. It supports young companies from various industries with strategic know-how and a broad global network. RTP Global has invested in over 50 companies worldwide, including 5 multi-billion public companies: Yandex, EPAM, Delivery Hero, RingCentral, and Datadog. RTP Global was founded in 2000 under the name ru-Net by serial entrepreneur Leonid Boguslavsky, who has a PhD in Computer Science. He developed one of the leading IT integration solutions for software and hardware manufacturer Oracle, which he then sold to PricewaterhouseCoopers (PwC) and subsequently became a partner there. RTP Global has offices in New York, Moscow and Bangalore.
Founded in 2004 by Icelandic entrepreneur and international investor, Thor Björgólfsson, Novator specialises in investing in companies that have the potential to disrupt markets across telecommunications, health and media/technology sectors. Through its private capital, deep sector experience and strong track record, Novator creates consistent growth and returns from recognising uncommon market opportunities.
Further Information: www.tier.app
Image © TIER Mobility