BERLIN--(BUSINESS WIRE)--TIER Mobility, the leading European provider of micro-mobility solutions, today announced a US$60 million Series B funding round led by Mubadala Capital and Goodwater Capital.
The company also welcomes AXA Germany and Evli Growth Partners as new investors, in addition to further participation from all existing investors, including White Star Capital, Northzone, Speedinvest, Point9, Indico, Kibo Ventures, Market One Capital and selected business angels like Nico Rosberg.
TIER Mobility will use proceeds to accelerate its European expansion strategy and continue to build the leading micro-mobility platform for citizens, city authorities and public transportation partners.
Since its funding round in February 2019, TIER Mobility has expanded operations to over 40 cities in 12 countries, established strong leadership positions in key strategic markets and launched 4 iterations of scooter hardware. As a result, TIER surpassed 10 million rides in just eleven months since launch, making TIER the fastest growing mobility company in history.
Lawrence Leuschner, CEO and Co-founder of TIER Mobility commented: "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".
Amer Alaily from Mubadala Capital said: "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."
Chi-Hua Chien, Co-Founder & Managing Partner at Goodwater Capital commented: "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."
Eric Martineau-Fortin, Founder and Managing Partner of White Star Capital added: "Our team and I have been working closely with Tier Mobility's management team since we co-led the Series A with Northzone earlier in the year. We've been tremendously impressed by the quality of their operations and team. We are thrilled to further invest alongside truly world class investors in the Series B round."
J.P. Morgan acted as exclusive Financial Advisor and Placement Agent in connection with the Series B funding round.
About TIER Mobility
TIER Mobility is Europe's leading company for shared micro-mobility services with a mission to change mobility for good. The company plays the leading force in the ongoing transformation of transportation, relieving cities from emissions and congestion, and putting responsible usage and safety at the centre of its business.
TIER Mobility has joined forces with other zero-emission means of transport in order to significantly reduce the use of cars, helping cities to shift their focus to alternative e-vehicles.
The company started its operations in October 2018 and is now operating in 40+ cities across 12 markets worldwide. TIER Mobility is headquartered in Berlin and employs over 350 people. The company was founded by Lawrence Leuschner, Matthias Laug and Julian Blessin.
The company's existing investors are Mubadala Capital, Goodwater Capital, AXA Germany, Evli Growth Partners, Point Nine, Speedinvest, White Star Capital, Northzone, Kibo, Indico, and Market One Capital. In addition, there are selected business angels and individual investors like Formula 1 World Champion Nico Rosberg. For more information about TIER Mobility, please visit: www.tier.app
About Mubadala Investment Company and Mubadala Capital
Mubadala Capital is the financial investment arm of Mubadala Investment Company, with a ventures team that oversees and manages Mubadala's $15bn commitment to the Softbank Vision Fund. In 2017, Mubadala Capital launched a $400mn Tech Fund, and a $200mn Fund of Funds program based out of San Francisco. In 2019, a EUR400mn European Tech Fund and a Fund of Funds program based out of London were launched.
Mubadala Investment Company actively manages a worldwide portfolio supporting the vision of a globally integrated and diversified economy, through sustainable returns to its shareholder, the Government of Abu Dhabi. Mubadala's US $229 billion portfolio spans five continents with interests in aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals, medical technology, agribusiness and a global portfolio of financial holdings.
Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to ethics and world-class standards. For more information about Mubadala, please visit: www.mubadala.com
About Goodwater Capital
Goodwater Capital is a next generation venture capital firm and our mission is to empower exceptional entrepreneurs who are changing the world. We believe consumer technology is revolutionizing the world, and we are devoted to entrepreneurs who are furiously building products and platforms that consumers love. For more information about Goodwater Capital, please visit: www.goodwatercap.com
About White Star Capital
White Star Capital is a global venture capital fund and multi-stage technology investment platform investing in North America, Europe and Asia. It backs exceptional entrepreneurs globally, leveraging their extensive experience and networks to help them scale their businesses internationally. Operating out of London, New York, Montreal, Paris, Tokyo and Hong-Kong, its presence, perspective and people enable it to partner closely with Founders to help them scale internationally from Series A onwards. For more information about White Star Capital, please visit: www.whitestarcapital.com