German scooter start-up raises $60 million to expand service
Posted: 8 October 2019 | Intelligent Transport
Since its launch in 2018, TIER has surpassed 10 million rides in just 11 months.
TIER Mobility, the Berlin-based provider of micromobility solutions, has raised around $60 million in its Series B funding round led by investors Mubadala Capital and Goodwater Capital.
The start-up, which currently operates a fleet of 20,000 scooters across 40 cities in 12 countries, aims to use the money raised in this funding round to expand its European strategy further and advance its technology.
The company supports the ongoing transformation of transportation, and aims to relieve cities from emissions and congestion, while putting responsible usage and safety at the centre of its business.
Lawrence Leuschner, CEO and Co-founder of TIER Mobility, said: “We are extremely excited to have Mubadala Capital and Goodwater Capital lead this round. Mubadala Capital 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 – their deep experience supporting consumer tech entrepreneurs around the world 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.”
“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,” added Chi-Hua Chien, Co-Founder & Managing Partner at Goodwater Capital.