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European electric scooter rental startup Tier Mobility raises about $ 40 million

pxid 2020-03-02 169 times

European electric scooter rental startup Tier operates in 55 cities in 11 countries and has secured its second financing in four months.

The Berlin-based company has expanded its Series B financing to more than $ 100 million from the $ 60 million disclosed in October. The additional capital is a combination of equity and debt financing provided by RTP Global in Moscow, Novator in London, and an unnamed US debt fund. The first part of Series B is co-led by Mubadala Capital and Goodwater Capital.

Tier said that additional funds will be used for research and development to improve efficiency and promote vehicle development. The so-called "micro-movement" startup will also continue to strengthen its management team (the company recently recruited new CCOs and COOs) and engage in M ​​& A activities.

In addition, Tier said it may expand its fleet of vehicles (perhaps adding new microtransport product categories) to bring "sustainable mobility to more people and more cities in Europe."

Meanwhile, in January, Tier quietly acquired British startup Pushme Bikes, a maker of replaceable batteries and other mobility-related hardware. The company is thought to be developing a network of battery replacement stations for "last mile" transportation, which seems directly related to Tier's recent move to upgrade its scooter fleet with new battery-powered scooters.

In a short WhatsApp call with Tier co-founder and CEO Lawrence Leuschner, he made the purchase of Pushme Bikes "hire" based on the team's design and development expertise, which he said would provide Tier's future development Necessary power hardware plan.

European electric scooter rental startup Tier Mobility raises about $ 40 million

He also said that Tier's switch to electric scooters with replaceable batteries has seen 80% of its fleet of vehicles have replaced scooters with replaceable battery technology, which in turn has helped drive a better unit economy. This is because the scooter no longer needs to be taken off the street, but is driven by a van to a central location for charging and maintenance, and is only driven back after a few hours. Instead, perform in-situ maintenance where possible, simply replace the used batteries and transport them by freight electric bicycle (as shown) to a central charging warehouse, or in some cases, nearby charging " Hub. "

It's worth noting that, unlike most electric scooter rental companies, Tier eschews the gig economy to charge from the start, and instead prefers a centralized system to maintain service quality. Leuschner emphasized: "In terms of electric scooter rental, the gig economy is dead," Leuschner emphasized that interchangeable battery technology means more centralized systems.

And, if you want to know how Tier handles old electric scooters after replacing most of its fleet with newer hardware, Leuschner explains that the equipment produced by Okai will be sold directly to German consumers through the MyTier app for private use. Considering that Tier CEO previously founded reBuy, the European second-hand electronics market leader, this may not be surprising.

RTP Global partner Anton Inshutin hinted: "Our team was impressed with our focus on capital efficiency and improved operational excellence. They managed to provide first-class unit economics that enabled them to expand profitably in the winter. We Looking forward to working with this impressive team, as the company continues to grow, it is unparalleled in execution. "

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