German micromobility company Tier has announced the completion of a £190m Series C funding round to expand its e-scooter markets and develop an energy network.
According to the Berlin-based company, its energy network would see EV charging stations installed across European cities in an efficient and sustainable way.
Tier said it will continue to seek a significant debt facility to fund vehicle expansion.
Lawrence Leuschner, CEO of Tier, said: “After achieving profitability with our e-scooters, we have in place the foundations to lead the way towards seamless and sustainable mobility.
“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.”
This latest investment was led by SoftBank Vision Fund 2. Existing investors, including Mubadala Investment Company’s financial investment arm, Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global, also participated in the round.
Yanni Pipilis, managing partner at SoftBank Investment Advisers, said: “Micromobility fills a large gap left by traditional urban car usage and presents a viable alternative to legacy transit systems.
“Tier has a proven track record in establishing long standing partnerships with cities and regulators, combined with a technology-led approach to develop leading customer propositions.”
