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With Tier continuously offering new products and options, this funding is geared to help support the firm as it hopes to emerge profitable despite the potential risks of the COVID-19 pandemic.
German-based micro-mobility service provider Tier has raised a new $250 million in Series C funding led by Japanese multinational conglomerate holding company, SoftBank Group Corp (TYO: 9984). According to the press release from the company, the investment from SoftBank was made through Vision Fund 2 as well as its existing investors including Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator, and RTP Global.
The coronavirus pandemic which affected several industries also had a serious impact on the e-scooter industry and the current Tier funding round is coming at a time when the second wave of the coronavirus pandemic is spurring new lockdowns in major European cities where Tier has most of its operations.
“The focus of this new funding will be to significantly extend the company’s leading coverage in Europe, to accelerate its ambitious expansion into strategic growth markets and to fast track its TIER Energy Network; a groundbreaking innovation that will see thousands of charging stations installed in cities across Europe to power electric vehicles in the most efficient and sustainable way,” the company said in a statement.
To champion its course for growth, Tier is also seeking a debt financing deal to fund its vehicle expansion plans.
Investors Accolades Following the Tier Funding Round
The business model of Tier which has continued to draw investors has also earned the firm accolades from investors. Tier has recently hit profitability, a move it aims to sustain with its ongoing partnerships, backed by the right governments.
“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,” said Lawrence Leuschner, CEO and co-founder of TIER.
Yanni Pipilis, the Managing Partner at SoftBank Investment Advisers, stated:
“We are pleased to support Lawrence and his team in building on this success.”
With Tier continuously innovating with new products and offerings, the new funding is geared to help sustain the firm as it hopes to emerge profitable despite the potential menace of the ongoing COVID-19 pandemic.