TIER Mobility raises US$60 million in its Series B led by Mubadala Capital and Goodwater Capital

Dear Friends and Supporters,

We are very happy to announce that our micro-mobility portfolio company Tier has just raised a 60M USD Series B. Needless to say we are proud of the execution capacity of the team and look forward to the next many million safe rides in Tier. When we joined Tier, it was a fast growing small company, it is now a clear market leader in many markets across Europe!

Give it a try after you read the news below :)

PS - Lucky number 60! That’s the second 60M deal into an Indico portfolio company in 2 weeks! Thank you to our first investors for the support and to all those that keep joining our investor base weekly!

Stephan Morais
Managing General Partner
Indico Capital Partners

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. 

Horizon 2020, EFSI and Portugal Tech
Indico VC Fund I is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Funds for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. It is also co-financed by Fundo de Capital e Quase Capital (FC&QC) managed by IFD - Instituição Financeira de Desenvolvimento, S.A. through the Portugal Tech facility managed by the European Investment Fund (EIF).

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