- General
- November 10, 2020
- 3 minutes read
Tier Scores $250M Round
Photo credit: Tier Tier, a German e-mobility startup, has announced that it’s raised $250 million in Series C funding…
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| Photo credit: Tier |
Tier, a German e-mobility startup, has announced that it’s raised $250 million in Series C funding led by the SoftBank Vision Fund, with participation from existing backers including Mubadala, Northzone, Goodwater Capital, Novator, and RTP Global. The new round comes just two years after Tier’s launch and on the heels of the company becoming profitable, as it notes.
Before now, Tier is known to have raised about $131 million in funding, with the new $250 million round now summing up the total amount of outside financing that the company has raised to nearly $400 million.
Since its launch in 2018, Tier has deployed 60,000 shared e-scooters across 10 countries, with the company looking to make a dent in urban transport with its network of shared electric scooters. Tier says it’ll use its new capital to extend its coverage in Europe and expand what’s known as the ”Tier Energy Network”, which is a network of charging stations that provide swappable electric batteries for Tier’s vehicles.
In addition to the new round, Tier says it’s in the process of securing further debt financing to fund vehicle expansion. Founded just in 2018, Tier has apparently grown rapidly and made its mark as one of the leading e-mobility startups globally.
