TIER Mobility raises $60 million
TIER Mobility, the European provider of micro-mobility solutions, announced a $60 million Series B round led by Mubadala Capital and Goodwater Capital, with participation from new investors AXA and Evli Growth Partners and existing investors including White Star Capital, Northzone, Speedinvest, Point9, Indico, Kibo Ventures, Market One Capital and selected business angels like Nico Rosberg.
Founded in 2018, TIER Mobility has operations in over 40 cities in 12 countries, surpassing 10 million rides.
In July, AXA Germany and TIER Mobility announced an exclusive partnership where TIER’s fleet will be covered by the insurer’s comprehensive insurance protection.
“We are extremely excited to have Mubadala Capital and Goodwater Capital lead this round. Mubadala Capital is not only a renowned lifecycle investor representing one of the largest pools of capital globally; but most importantly, they 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, a leading Silicon Valley investor with long-standing track-record of supporting founders as they build companies transforming lives around the world. 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.” – Lawrence Leuschner, CEO and cofounder of TIER Mobility.
“We firmly believe that micro-mobility as a form of transportation is here to stay, especially in Europe. We are confident that TIER Mobility is best positioned to become the leading player in Europe and Globally. We are excited and look forward to building a global category leading company out of Europe with Lawrence, Matthias, Alex and the wider TIER team.” – Amer Alaily, Mubadala Capital.
“TIER Mobility is not only the fastest growing mobility company in the world, but one of the fastest growing companies in consumer tech history. With phenomenal execution they have emerged as the leading micro-mobility provider in Europe with only a fraction of the invested capital of their competitors. This is a true testament to the uniquely capital efficient and profitable model the team chose to deploy from the outset. 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.” – Chi-Hua Chien, cofounder & managing partner at Goodwater Capital.