TIER Mobility, the leading European provider of micro-mobility solutions, has extended its Series B funding round to in excess of $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.”
J.P. Morgan acted as exclusive Financial Advisor and Placement Agent in connection with the Series B raise.