Indico´s Tier Mobility Consolidates European Leadership Position by Extending Series B Funding to $100m+

Dear Friends and Supporters,

There would be no better way to reach the successful final closing of our early-stage fund than with the announcement of a further up-round in one of our star portfolio companies - Tier, congrats Lawrence and team! Thank you also, in particular, to our over 40 investors from all over the world for your trust. More fund and portfolio news soon!

Best regards,

Stephan Morais
Managing General Partner
Indico Capital Partners

Initial Series B closing led by Mubadala now extended to more than $100 million

Berlin, Germany, February 21st, 2020 - 
TIER Mobility, the leading European provider of micro-mobility solutions, has extended its Series B funding round to over $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.

Stephan Morais, Managing General Partner at Indico stated that “we continue to be impressed by Tier´s execution capacity and very happy to have had two subsequent up-rounds in the company that now positions it at a clear leading level in Europe´s best markets for mobility.”

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.

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 investment.

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.

About Novator
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.

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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