Announced on Tuesday, November 10, 2020, Tier raised $250 million in Series C. Since its founding in 2018, the German company has already raised nearly $381 million, which would bring it to nearly $1 billion, according to industry experts. Zoom on this fundraising which will allow Tier to expand again in Europe.
The European leader
For the past few months, Tier has been engaged in a battle to become the leader in free floating electric scooters on the European market. With this new round of fundraising, it looks like the challenge has been brilliantly met. Already present in 9 European countries, including France (in Paris, Bordeaux, Lyon and Grenoble), the German company intends to invade the European continent with its black and green electric scooters. The company also stated in its press release that it wanted to: “extend its coverage in European cities” as well as “accelerate the expansion in strategic growth markets” and that of its “energy network”. Indeed, the company wants to install thousands of charging stations in the cities where it is and will be established. It also wants to expand its fleet of scooters.
Through this fundraising, the company intends to “further advance the entrepreneurial vision – to change mobility for the better” and “After already being profitable with our electric scooters, we have laid the foundation to show and pave the way for smooth and sustainable mobility,” says Lawrence Leuschner, CEO and co-founder of Tier . The company may even acquire other micro-mobility players, such as Lime, which joined the Jump fleet last August.
Since October 2019, Tier has already successfully raised 4 funds. The German company has attracted the Japanese group Softbank alongside other investors such as Mubadal Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global. Because of the significant reduction in travel, one might have thought that the coronavirus crisis would have slowed down investors’ commitment to the mobility sector, but this is not the case. There is no stopping the expansion of soft mobility in Europe.