Lisbon and Berlin, June 7th, 2019 – Indico
just unveiled its stealth investment in TIER
, done in the previous funding round. In partnership with Northzone, Whitestar, Point Nine, Speedinvest, Kibo Ventures and other top VCs and angels, including Formula 1 Champion Nico Rosberg, the company has raised over 30 million Euros at this stage.
The company is now firmly established as the leading European player having launched in 24 cities, growing 20% week on week and is now profitable in its core markets. TIER recently reached 2 million rides, becoming the fastest ever electric scooter company to reach that metric. The company now has over 10,000 scooters in its fleet.
TIER has introduced a very differentiated capital efficient model based on a professional maintenance program - TIER team and partners in each city preventively maintain and charge the scooters enhancing the level of quality and safety. This results in longer lifetime of the scooters while ensuring a larger fleet is on the streets at any given time.
TIER has also just announced its new scooter model that is expected to be yet another differential. The more rugged units are designed to last 12 months in operation (more than twice the average scooter in the market) and feature 10” tires, improved suspension and a respectable range of 35 to 40 Km. These features combined with the units more powerful brakes (including an electric brake system in some variants) will contribute to safety improvements.
Lawrence Leuschner, CEO stated that “TIER is believed to be the fastest growing company in Germany’s history as it has been showing exponential results since it started operations in October last year. We are delighted to count on Indico as our investors and partners.
Stephan Morais, Managing General Partner at Indico mentioned that “We are committed to helping change the way people move in cities, in a more sustainable and environmental way, and TIER has the most impressive metrics in Europe. The execution is amazing.
About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal with 48 million Euros of committed capital from over 30 institutional and private, local and international investors. The experienced Partner team works to identify, invest and nurture the most promising Portuguese and Spanish early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico can invest between 150 thousand and 5 million Euros per company.