SoftBank leads $250m round for Tier Mobility

Investors including Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global have also backed the round.

Softbank has invested via SoftBank Vision Fund II, which was launched in June 2019 with a target of $108bn.

Tier faced a challenging time at the start of the coronavirus lockdowns that were introduced across much of Europe in March 2020. However, the company acquired 5,000 electric mopeds and their related charging infrastructure from Stuttgart-based Coup in April 2020 and now intends to use the fresh capital to support its growth in Europe and in the Middle East, as well as to expand its Tier Energy Network, which comprises charging stations for electric vehicles in European cities.

The company said in a statement that it has also secured a debt facility to support its growth.

According to a report from the Financial Times, the funding round values Tier at almost $1bn.

Previous funding
In October 2018, SpeedInvest and Point Nine Capital backed a $2m series-A round for Tier. Northzone Ventures subsequently led a $25m round in the same month, investing via Northzone VIII. Kibo Ventures, Speedinvest and Point Nine Capital also backed the round.

Mubadala and Goodwater joined the company's investor base in October 2019, leading a $60m series-B for Tier in October 2019. Insurance company Axa and Evli Growth Partners also participated.

In February 2020, RTP Global and Novator led a $40m round for Tier Mobility. Existing investors also participated. At the time, the company operated in 55 cities across 11 countries.

Company
Tier is an e-scooter hire startup. Founded in 2018 and headquartered in Berlin, the company operates in 80 cities across 10 countries. Tier has expanded its team from 450 to 900 staff since its previous funding round in February 2020.

People
Tier Mobility – Lawrence Leuschner (co-founder, CEO).
SoftBank Vision Fund – Yanni Pipilis (managing partner).
Mubadala Capital – Ibrahim Ajami (head of ventures).

Advisers
Company – PwC Legal, Gerhard Wacker, Klara Körber, Christian Heigl, Moritz Gröning (legal).
Equity (SoftBank Vision Fund) – White & Case, Daniel Turgel, Ian Bagshaw, Joseph Bradley, Elena Ruggiu, Francis Brown, Rachel Johnson, Julie Mcleod, Rhea Mayhew (legal).
Equity (Mubadala Capital, White Star Capital, Northzone, Goodwater Capital) – Dentons, Giancarlo Salvo, Philippe Decary, Bryan Fuchs, Matthias Hause, Thomas Schubert, Marcus Roick (legal).
Equity (Axa) – Seitz Rechtsanwälte Steuerberater Partnerschaftsgesellschaft, Daniel Grewe, Alina Häck (legal).

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