RTP Global et al. back Tier Mobility series-B extension

RTP Global, Novator and an undisclosed US debt fund provided backing for the $40m follow-on round.

The fresh capital will be used to pursue M&A activities, expand its fleet of electric vehicles, and to invest in further research and development for its product, according to a statement.

Electric scooter companies saw significant interest from VCs in Germany in 2019, with the legalisation of the vehicle in Germany giving the go-ahead for further investment, as reported by Unquote in June 2019.

Previous funding
In October 2018, SpeedInvest and Point Nine Capital backed a $2m series-A round for Tier Mobility. The investment was used to launch the company's app.

Later that month, Northzone Ventures led a $25m round for Tier, investing via Northzone VIII, which held a final close in September 2016 on €300m. Existing investors Kibo Ventures, Speedinvest and Point Nine Capital also participated.

Mubadala Capital and Goodwater Capital led a $60m series-B for Tier in October 2019, with participation from existing investors, as well as new investors Axa Germany and Evli Growth Partners, as reported by Unquote.

Company
Tier Mobility is a Berlin-based electric scooter rental startup that allows users to rent its vehicles via an app. The company was originally based in Vienna and is now headquartered in Berlin. The company is present in 55 cities across 11 countries, having expanded to 15 further cities since its first series-B round in October 2019. It has 450 employees and has increased its headcount by 100 since October 2019.

People
RTP Global – Anton Inshutin (partner).
Novator – Birgir Már Ragnarsson (partner).
Tier Mobility – Lawrence Leuschner (CEO); Alex Gayer (CFO).

Advisers
Company – JP Morgan (corporate finance).

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• Topics
• Expansion
• DACH
• Consumer
• Venture
• Germany