E-scooter startup TIER closes a $250M financing round
The German micro-mobility company TIER has completed a $250 million Series C investment round led by SoftBank Vision Fund 2. Existing investors Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global also joined the round. Formula 1 World Champion Nico Rosberg, who has recently supported the nu company, is also among the TIER investors.
Launched in 2018 by the CEO Lawrence Leuschner, Julian Blessin, and Matthias Laug, TIER provides electric scooter ride-sharing services that mission is “to change mobility for good”. To date, it has already deployed 60,000 e-scooters across 80 cities in ten countries.
“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,” Leuschner said.
The Berlin-based company will use the proceeds to extend the company’s coverage in Europe and accelerate its expansion into strategic growth markets and to fast track its TIER Energy Network – the network of charging stations installed in cities across Europe to power electric vehicles.
Established in 2019, SoftBank Vision Fund 2 is a $108 billion subsidiary of Softbank Group that was launched to invest in technology companies developing artificial intelligence technologies around the world.