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Berlin-based scooter firm Tier extends funding round to $100 million – Source Reuters Tech News

FILE PHOTO: Tier e-scooters are ready to use at the entrance to a pedestrian area in Frankfurt, Germany, August 8, 2019. REUTERS/Kai Pfaffenbach/File Photo

BERLIN (Reuters) – Berlin-based kick scooter company Tier Mobility said on Friday it had extended an investment round to more than $100 million as it seeks to expand across Europe.

Launched in October 2018, Tier now operates in 55 cities in 11 countries, growing in a crowded market that is facing pressure to consolidate and a backlash over the battery-powered scooters often left strewn by the side of city streets.

The additional debt and equity funding was from RTP Global, Novator and a U.S. venture debt firm, Tier said in a statement, and comes on top of a $60 million investment in October by Mubadala, the Abu Dhabi state investment vehicle.

RTP’s Anton Inshutin said Tier had delivered “class-leading unit economics, enabling them to expand profitably in the winter”.

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Source Reuters Tech News

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