TIER operates shared e-scooters and e-bikes across multiple European cities and has launched 500 e-bikes in Islington, London. The company has already introduced e-bikes in Paris, Eindhoven, and York. It is participating as one of London’s chosen operators for the city’s e-scooter trial and plans to expand through 2022. As a fully climate-neutral company, TIER employs local teams who replace flat batteries on-site using electric cargo bikes and vans, so vehicles do not need to be taken to a warehouse for charging. TIER offers pricing parity between its e-bikes and e-scooters in London, with a £1 unlock fee and £0.15 per minute, plus day and monthly passes for regular riders. Financially, TIER completed a Series D round raising €172 million at a €1.7 billion valuation, consolidating its position as the best-funded micro-mobility business in Europe. TIER is a Berlin-based micro-mobility firm that operates a fleet and the TIER energy network. The company said it will use the new financing to extend its fleet coverage and to further build out its energy network. Goldman Sachs highlighted TIER's reported track record of profitable unit economics and asset longevity. In early November 2020 TIER closed a $250 million Series C led by SoftBank Vision Fund 2; the $60 million loan from Goldman Sachs was reported as an addition to the company's recent financing. The $60 million facility is an asset-backed loan and was described as a first-of-its-kind for Goldman Sachs. Including the $60 million loan, TIER's disclosed capital raised totals $448 million; the company was also one of three selected for a London pilot and its VP of expansion was interviewed in the article. Tier operates an app-based e-scooter sharing service that lets users unlock a scooter with an app, ride and lock it elsewhere with per-minute billing. The company runs in 80 cities across 10 countries and has 60,000 electric scooters available in the app. Tier is developing a fourth-generation scooter with user-swappable batteries, aims to build energy networks with partner shops offering battery docks, and has introduced helmet-storage boxes, refurbished-scooter sales and electric mopeds. The company positions itself as a logistics operator focused on process optimization and centralized systems rather than relying on gig-economy labor. With the new funding it plans to expand to more cities, deploy more vehicles and launch new products, and it is also securing a credit line to finance additional vehicles. Business Insider reported Tier was EBITDA profitable in Q3 2020 but had losses in H1 2020; the article says the new cash should allow it to stick around for a while amid seasonal and COVID-19 uncertainty. Tier is a Berlin-based e-scooter rentals company operating in 55 cities across 11 countries. Its core product is a fleet of swappable-battery e-scooters and related micromobility hardware and services. The company has replaced roughly 80% of its fleet with scooters using swappable batteries to improve unit economics and enable on-location maintenance and battery-swap logistics. Tier plans to invest additional capital in R&D and vehicle development, strengthen its management team (recently adding a CCO and COO), and pursue M&A to expand product categories and city coverage. In January Tier acquired U.K. startup Pushme Bikes as an "acqui-hire" to boost hardware design and development for future vehicle and battery solutions. Tier also resells older Okai scooters to German consumers via its MyTier app as part of managing fleet transitions. TIER operates a low-cost, app-based electric push-scooter rental service where users unlock scooters via the app and leave them after the ride. The company charges €1 to unlock and €0.15 per minute of riding. TIER has launched in Vienna and plans to expand into additional, unspecified European cities. It says it works closely with municipalities and focuses on creating a sustainable experience. The startup faces regulatory headwinds in some markets — the article notes Stockholm has considered banning e-scooters and the UK requires registration and licensing — and highlights concerns about scooters cluttering sidewalks and safety risks. TIER plans to use newly raised funds to fuel its European expansion.

Total raised

$637M

Funding rounds

6

Latest round

Series D

Latest activity

Nov 2021