AAA Tier Mobility grabs $200m at $2bn valuation

Tier Mobility grabs $200m at $2bn valuation

Germany-based electric scooter rental service Tier Mobility raised $200m yesterday for the first close of a series D funding round that was co-led by telecommunications and internet group SoftBank’s Vision Fund 2.

The Abu Dhabi state-owned Mubadala Capital co-led the tranche, which was filled out by RTP Global, Novator, White Star Capital, Northzone, Speedinvest, M&G Investments and Mountain Partners at a $2bn valuation.

Founded in 2018, Tier operates an app-based vehicle rental platform that provides electric scooters, bicycles and mopeds across 150 cities spanning 16 countries. This round took its overall equity and debt financing to $660m, it said.

Tier raised $60m in late 2019 for the first tranche of its series B funding, from insurance provider Axa Germany, Mubadala Capital, Goodwater Capital, Speedinvest, Point Nine Capital, Evli Growth Partners, White Star Capital, Northzone, Indico Capital Partners, Kibo Ventures, Market One Capital and various individuals.

The company increased the round to more than $100m in February 2020, receiving additional equity and debt financing from Axa Germany, RTP Global, Novator and an undisclosed US-based debt fund.

Vision Fund 2 then led Tier’s $250m series C round in November, investing with Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global. Its earlier funding came from Northzone, White Star, Indico Capital Partners, Kibo Ventures, Market One, Point Nine Capital, Speedinvest X and Nico Rosberg.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.