Abu Dhabi's Mubadala invests in German-based TIER Mobility
Berlin-based micro-mobility provider, TIER Mobility has announced the closing of a $250M Series C round, led by SoftBank. Existing investor, Abu Dhabi-based Mubadala Capital also participated in the round.
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Mubadala, which manages $232B in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies.
Ibrahim Ajami, Head of Ventures at Mubadala Investment Company said, “Since we first partnered with TIER in 2019, we have continued to be impressed with the product innovation, quality and speed of execution that Lawrence and his team have achieved in cementing TIER as the number one micro-mobility company in Europe.
“That is why we are deploying our largest investment yet into TIER, and we look forward to seeing the company bring its sustainable mobility solutions to more cities across Europe and the Middle East.”
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 - that will see thousands of charging stations installed in cities across Europe to power electric vehicles in the most efficient and sustainable way. In addition to the closed series C investment round, TIER is currently in the process of securing a significant debt facility to fund vehicle expansion.
Lawrence Leuschner, CEO and Co-founder of TIER added, “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.”
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