European e-scooter provider TIER Mobility has augmented its Series B round to more than $100 million with additional equity and debt funding.
The startup previously raised the first $60 million of the round in October 2019, which Mubadala Capital and Goodwater Capital led.
RTP Global, Novator and an undisclosed United States debt fund provided the extension of more than $40 million, and J.P. Morgan served as a financial advisor and placement agent for the round.
Alex Gayer, CFO of TIER Mobility, says that the “new partners represent a winning combination of expertise and capital.”
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“With our substantial backing and cost leadership, we are now in a fantastic position to accelerate our expansion plans,” says Gayer.
Since launching in October 2018, TIER has expanded its fleet of scooters to 55 cities across 11 countries in Europe.
The Berlin-based startup operates most of its fleet with swappable battery scooters and says that it is fully climate-neutral.
Anton Inshutin, partner at RTP Global, says that the firm is impressed by TIER’s “meticulous focus on capital efficiency and enhancing operational excellence.”
“They have managed to deliver class-leading unit economics, enabling them to expand profitably in the winter,” says Inshutin.
The funds will be used for investments in vehicle development, strengthening the management team, expanding the vehicle fleet and going after merger and acquisition opportunities.
Says Birgir Már Ragnarsson, partner at Novator: “With further scale, new fleet and the exciting pipeline of investments planned for 2020, TIER is set to further cement its position as the European leader in the space, and we are excited about contributing to the journey ahead.”