Germany-based electric scooter rental startup Tier Mobility received $60m in series B funding yesterday from investors including insurance and financial services provider Axa Germany.
Mubadala Capital and Goodwater Capital co-led the round, which also featured Speedinvest, Point Nine Capital, Evli Growth Partners, White Star Capital, Northzone, Indico Capital Partners, Kibo Ventures, Market One Capital and angel investors including Nico Rosberg.
Founded in 2018, Tier operates an app-based e-scooter service that spans more than 40 cities across 11 European countries as well as the emirate of Abu Dhabi, the home of state-owned Mubadala.
The company has been responsible for more than 10 million rides since launching in October 2018 and said it intends to channel the series B funds into further European growth.
Tier disclosed $2.3m of seed funding from Speedinvest fund Speedinvest X and Point Nine in October 2018.
The company subsequently closed a series A round led by Northzone and backed by both seed investors, White Star, Indico, Kibo Ventures, Market One and Formula One racer Rosberg, at approximately $35m in February 2019, according to TechCrunch.
Lawrence Leuschner, co-founder and chief executive of Tier, told TechCrunch: “With our series A funding of €32 million, we built the fastest-growing mobility company.
“We achieved that with a fraction of the capital of Bird and Lime. That shows how efficiently we are operating. With this round we will now accelerate the growth based on our scalable infrastructure and positive unit economics.”
