TIER is Europe’s leading shared micro-mobility provider enabling cities to create more sustainable environments
M&G has announced today that it has become the latest investor into TIER Mobility (“TIER”), Europe’s leader in micro-mobility, through its participation in a $200 million Series D funding round alongside existing shareholders. The company enables cities to create more sustainable environments and move towards a zero-emission future by providing people with a range of electric vehicles.
Founded in 2018, the Berlin headquartered company has deployed 135,000 e-scooters, e-bikes and e-mopeds across 150 cities in 16 countries. In the UK, it is currently participating in Transport for London’s pilots with e-scooters in boroughs across the city.
Some of the new capital will be used to roll out Tier’s Energy Network that will see thousands of battery charging stations installed in businesses in cities across Europe, to power electric vehicles in the most efficient and sustainable way. Users will be able to easily swap depleted vehicle batteries for charged ones at a network of charging stations hosted by local businesses and will be rewarded with a free trip each time.
The investment has been made by M&G’s Catalyst strategy, which is investing up to £5 billion into privately-owned businesses where capital is required to drive innovation and impact to create a more sustainable world.
Niranjan Sirdeshpande, Director, M&G’s Catalyst Investment Team, comments: “The final mile of a journey in city is more often than not responsible for both congestion and poor air quality. As we continue to emerge from lockdowns in cities across Europe and commuters return to the streets, TIER is enabling people to make more sustainable transport choices without losing time and pace.”
Lawrence Leuschner, CEO and Co-founder of TIER Mobility, says: “We are very excited to partner with M&G Investments and will substantially benefit from their experience as long-term investors. The funding, made through one of their impact investment strategies, provides TIER with additional resources to fulfil our mission to Change Mobility For Good by helping cities reduce their dependence on cars and move towards a zero-emission future.”