TIER Mobility extends series B funding to over $100 million
Posted: 24 February 2020 | Sam Mehmet (Intelligent Transport)
The company has stated that the additional funds will be invested in R&D for driving further efficiency and vehicle development.
TIER Mobility, the European provider of micromobility 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 U.S. debt fund, supplementing the initial closing of $60 million led by Mubadala Capital in October 2019.
TIER reportedly operates the largest fleet of e-scooters in Europe, in more than 55 cities across 11 countries. TIER is also said to be one of the first major providers to operate the majority of its fleet with swappable battery scooters, with the aim to lower its carbon footprint and further enhance its unit economics.
As well as investment in R&D, Capital will be used to further strengthen the management team, pursue M&A activities, and to expand the vehicle fleet – bringing the mobility service 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, added: “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.”
“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,” said Alex Gayer, CFO of TIER Mobility.