Berlin stationed kick scooter firm Tier Mobility stated Friday it had extended an investment round to over $100 million as it seeks to spread throughout Europe.
Launched in October 2018, Tier now functions in 55 cities in 11 countries, rising in a crowded market that is dealing with pressure to consolidate and a backlash over the battery-based scooters often parked by the side of the city streets.
The additional debt and equity funding were from RTP Global, Novator, and a U.S. venture debt agency, Tier stated in a statement and came on top of a $60 million investment in October by Mubadala, the Abu Dhabi state investment vehicle.
RTP’s Anton Inshutin stated Tier had delivered “class-leading unit economics, allowing them to develop profitably in the winter”.
Germany approved kick scooters last summer. They had been an immediate hit with people wanting to get around the city rapidly and easily. In contrast, other city-dwellers have been irritated by the two-wheelers left cluttering pavements.
The upper house of parliament, nonetheless, lately voted down an offer to require scooter operators, which include U.S. teams Bird, Lime and Uber Jump and European entrants Circ and Voi, to get licenses to park.