Mubadala Invests in Berlin-based Micro-Mobility Startup ‘Tier’

Mubadala Invests in Berlin-based Micro-Mobility Startup 'Tier'
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Tier Mobility, one of the biggest e-scooter sharing companies in Europe on Monday has raised $60 million in a Series B round led by Abu Dhabi-based Mubadala Investment Company and California-based Goodwater Capital, along with all previous investors including Axa Germany and Finland’s Evli Growth Partners.

The micro-mobility platform that is currently operational across 40 cities and 12 countries in Europe – has stated that the funds will be utilised to expand across the continent.

According to Bloomberg, in February, Tier and Sweden-based Voi Technology were in talks of a merger to handle the competition, but that didn’t happen as both chose to remain independent and secured fresh funds.

Amer Alaily, senior principal at Mubadala said..

“We firmly believe that micro-mobility as a form of transportation is here to stay, especially in Europe, we are confident that Tier Mobility is best positioned to become the leading player.”

Tier CEO, Lawrence Leuschner has stated that he saw the company not as a scooter start-up, but a micro-mobility service provider.

“We have a clear path to create a new type of vehicle and we’re not far away, and it’s suited for cities and will be good in rainy seasons,”

Commenting on the competition with American platforms in Europe, Leuschner added…

“Germany’s the biggest market for transportation in Europe so we believe completely in Europe.”

Image Credits: VentureBeat

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