Germany-based electric scooter rental service Tier Mobility increased a series B round featuring insurance provider Axa Germany to more than $100m today.
Venture capital firm RTP Global, investment firm Novator and an undisclosed US-based debt fund provided $40m in debt and equity financing for the round’s second close.
The first $60m came from 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 angel investors in October 2019.
Tier operates an app-based e-scooter rental platform it claims is the largest in Europe, spreading across 55 cities in 11 countries. The series B proceeds have partly been earmarked for research and development, as the company looks to enhance the efficiency of its vehicles.
Capital will also go to the expansion of Tier’s fleet of scooters, the bolstering of its executive team and strategic merger and acquisition deals.
The company completed a $35m series A round featuring Northzone, White Star Capital, Indico Capital Partners, Kibo Ventures, Market One and Formula One racer Nico Rosberg in February 2019, having previously received $2.3m from Speedinvest fund Speedinvest X and Point Nine Capital in late 2018.
Alex Gayer, Tier’s chief financial officer, said: “Our new partners represent a winning combination of expertise and capital. With our substantial backing and cost leadership we are now in a fantastic position to accelerate our expansion plans.”
Photo courtesy of Tier Mobility.
