Berlin, Germany, [7 October] 2019: TIER Mobility, the leading European provider of micro-mobility solutions, today announced a US$60 million Series B funding round led by Mubadala Capital and Goodwater Capital.
The company also welcomes Axa Investments and Evli Growth Partners as new investors, in addition to further participation from all existing investors, including White Star Capital, Northzone, Speedinvest, Point9, Indico, Kibo Ventures, Market One and selected business angels like Nico Rosberg.
TIER Mobility will use proceeds to accelerate its European expansion strategy and continue to build the leading micro-mobility platform for citizens, city authorities and public transportation partners.
Since its funding round in February 2019, 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. As a result, TIER 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 of TIER Mobility commented: “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 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”.
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 and the wider TIER team.”
Chi-Hua Chien, Co-Founder & Managing Partner at Goodwater Capital commented: “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 on 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.”
J.P. Morgan acted as Financial Advisor and Placement Agent in connection with the Series B funding round.
About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal. The experienced Partner team works to identify, invest and nurture the most promising early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico invests between 150 thousand and 5 million Euros per company.