TIER announced the close of its $200 million Series D funding round on Monday, taking its overall valuation to $2 billion.
This round of funding was led by previous investors SoftBank Vision Fund 2, Mubadala Capital and adds new partners like M&G Investments, a green impact fund, and Mountain Partners, a diversified global investment holding.
Founded in 2018, TIER has deployed 135,000 e-scooters, e-bikes and e-mopeds across 150 cities in 16 countries to date.
The firm plans to use the funds for acquisitions and strategic investments while expanding its international coverage across strategic growth markets.
TIER will also further invest in extending its multi-modal fleet across Europe and the Middle East and continue the rollout of its network of battery charging stations, the TIER Energy Network.
Following the announcement, TIER CEO and Co-Founder Lawrence Leuschner said: “The funding provides TIER with additional resources to fulfil our mission to Change Mobility For Good. Clocking more than 80 million trips and replacing over 13 million car rides in such a short amount of time proves beyond doubt that cities around the world are desperate to make their transport networks safer and to move towards a zero-emission future.”
Amer Alaily, Director at Mubadala Capital – Ventures, Europe, added: “Lawrence, Matthias and Alex’s passion for change can be felt across the organisation – from TIER’s hub in Dubai to their HQ in Berlin. They have quickly emerged as not only a leader in the European micromobility space but one whose commitment to sustainability sets them apart from their competitors. We are proud to have been part of their journey and look forward to remaining a partner to Lawrence and his team for years to come.”
“TIER has shown strong growth over the past three years, expanding its multi-modal product offering, building important industry partnerships, and winning highly-prized tenders,” said Niranjan Sirdeshpande, Director, M&G’s Catalyst Investment Team.
“We are excited and deeply encouraged by TIER’s outstanding leadership in environmental, social and governance (ESG) performance, helping TIER build on their position as the number one micro-mobility company in Europe and accelerate their success in this competitive industry.”