Tier raises $200m in Series D funding to expand e-scooters globally

26 Oct 2021

Image: Tier Mobility

Tier has its eyes on new e-scooter markets such as Ireland, where it intends to launch services soon.

Berlin-based micromobility start-up Tier has raised $200m in a Series D funding round to expand its e-scooter business globally.

The company has deployed 135,000 e-scooters, e-bikes and e-mopeds across 150 cities in 16 countries, but is eyeing further markets including Ireland.

Future Human

Last week, Tier was one of several micromobility companies that welcomed the news that the Government had taken another step towards the regulation of e-scooters on Irish roads. The German start-up is currently part of an e-scooter trial at Dublin City University.

“We are one step closer to not only legally having e-scooters in Ireland, but also ensuring the country has the safest e-scooter regime in Europe,” Benjamin Bell, director of public policy for Tier in Northern Europe, said at the time.

‘Leader in European micromobility’

Tier’s fresh funding was led by existing investors SoftBank Vision Fund 2 and the Mubadala Capital, along with new partners such as green fund M&G Investments and Swiss VC firm Mountain Partners.

Valued at $2bn, Tier has raised a total of $660m in equity and debt funding to date. It has the widest e-scooter coverage of any company in Europe, according to market research firm Mobility Foresights.

“Tier has emerged as not only a leader in the European micromobility space, but one whose commitment to sustainability sets them apart from their competitors,” said Amer Alaily, director at Mubadala’s Europe operations.

The company said the $200m funding is the “first close” of its Series D round and is part of a broader debt and equity raise. It plans to use the funding to make more acquisitions and strategic investments, while also expanding its international presence in growth markets.

Lawrence Leuschner, Tier co-founder and CEO, said that the company has clocked more than 80m trips and replaced more than 13m car rides since its inception.

“This proves beyond doubt that cities around the world are desperate to make their transport networks safer and move towards a zero-emission future,” he said.

CFO Alec Gayer added that the equity funding will help Tier scale its multimodal market presence globally. “Our goal is to build Tier into the European micromobility powerhouse.”

Tier has been expanding rapidly in Europe and the Middle East, launching in new cities such as Manama in Bahrain and Hungarian capital Budapest. Earlier this year, it was one of the companies selected for an e-scooter trial in London.

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Vish Gain is a journalist with Silicon Republic