Tier has announced the completion of a $250 million Series C funding round led by SoftBank Vision Fund 2.
Existing investors, including Mubadala Investment Company’s financial investment arm, Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global, also participated in the round.
The focus of this new funding will be to extend the company’s coverage in Europe, to accelerate its expansion into strategic growth markets and to fast track its Tier Energy Network. This will see thousands of charging stations installed in cities across Europe to power electric vehicles in the “most efficient and sustainable way”.
In addition to the closed series C investment round, Tier is currently in the process of securing a debt facility to fund vehicle expansion.
“After achieving profitability with our e-scooters, we have in place the foundations to lead the way towards seamless and sustainable mobility,” said Lawrence Leuschner, CEO and co-founder of Tier. “Our vision is a completely new way of how we will move in cities in the future: all-electric, shared and affordable, and with different vehicles powered by one energy network. Together with, city and national government, we will build the best solutions to ensure safe, highly efficient, and sustainable movement from A to B.
“We are excited to partner with SoftBank Vision Fund and will substantially benefit from their vast experience in building global leaders in mobility.”
Yanni Pipilis, managing partner at SoftBank Investment Advisers, said: “Micromobility fills a large gap left by traditional urban car usage and presents a viable alternative to legacy transit systems. Tier has a proven track record in establishing long-standing partnerships with cities and regulators, combined with a technology-led approach to develop leading customer propositions. We are pleased to support Lawrence and his team in building on this success.”
Ibrahim Ajami, head of ventures at Mubadala Investment Company, added: “Since we first partnered with Tier in 2019, we have continued to be impressed with the product innovation, quality and speed of execution that Lawrence and his team have achieved in cementing Tier as the number one micro-mobility company in Europe.
“That is why we are deploying our largest investment yet into Tier, and we look forward to seeing the company bring its sustainable mobility solutions to more cities across Europe and the Middle East.”
In addition to SoftBank Vision Fund 2 leading the Series C funding round, the existing investor Mubadala Capital announced follow-on investments in the double-digit million alongside continued investment by Northzone, Goodwater Capital, White Star Capital, Novator, Speedinvest and RTP Global.
The transaction is subject to statutory closing conditions.