TIER Mobility has announced the closing of its Series B financing round, led by Goodwater Capital and Mubadala Capital. J.P. Morgan served as exclusive placement agent and financial advisor in the deal. The closing total was 54.6 million EUR to fuel expansion for the Berlin startup.
Scooting on Up
Tier Mobility first caught attention when TechCrunch heralded its Series A round as the largest investment for a European mobility company. The startup operates in over forty major cities in twelve countries with 350 employees and four variations of scooter hardware.
Eleven months after the launch, the company exceeded ten million rides. This makes TIER Mobility one of the fastest growing companies in the history of mobility business. The company is the brainchild of Julian Blessin, Lawrence Leuschner, and Matthias Laug, formerly of Lieferando, Rebuy, and COUP Mobility.
A Mobility Revolution
Players within the Circular Economy and Sharing Economy are inventing mobility that is less polluting during usage and over technology lifecycles. More companies are offering rental opportunities which maximise the usage of vehicles often left unused while drivers are at work or sleeping.
TIER’s founders had sustainability specifically in mind when designing the electric, app-based scooter sharing company. The micro-mobility startup also collaborates with cities and other companies to encourage the adoption of fossil-fuel free technology.
“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,” said CEO & Co-Founder Lawrence Leuschner.