The London Technology Club (LTC), has invested in TIER, a European provider of micro-mobility solutions, as part of a USD250 million fundraising round.
Launched in October 2018, TIER has successfully expanded its offer to more than 90 cities across 10 countries worldwide. The investment by LTC members was made through a Special Purpose Vehicle (SPV) offered by White Star Capital.
LTC took part in the Series C funding round, which was led by SoftBank¹, with participation from existing investors Mubadala Capital, White Star Capital, Northzone, Goodwater Capital, Novator and RTP Global.
The European micro-mobility market alone offers a EUR200 billion opportunity – compared to EUR110 billion and EUR90 billion in North America and China respectively. The Covid pandemic has accelerated popularity of e-scooters as consumers shift towards modes of transport that allow people to travel individually and in compliance with social distancing but at the same shift away from private car usage due for environmental reasons.
TIER currently provides over 65,000 vehicles in over 90 cities across nine countries in Europe including Germany, Austria, Switzerland, and France, as well as the UAE. TIER was the first European mobility provider to add indicators and helmet smart boxes onto their vehicles. The company is also climate neutral and is a 50 Sustainability and Climate Leader.
London Technology Club Founder and Chief Executive Officer Konstantin Sidorov says: “We’re delighted to have invested in TIER alongside some of the world’s leading VC investors through White Star Capital’s SPV. Until this year there was a gradual, global transition to safer, cleaner and more inclusive transportation systems as the world pushed to address the growing climate crisis. The arrival of COVID-19 has thrown the current mobility and transport trends into disarray, rendering a radical rethink of ride-sharing services and public transport systems necessary to survive the impact of the pandemic. TIER is ideally positioned as a leading player in the sector to capitalise on these trends.”
White Star Capital Founder and General Partner Eric Martineau-Fortin says: “Over the years we’ve worked closely with our partners at LTC to bring new capital, market knowledge and industry expertise to start-ups. We’re pleased to include LTC in our TIER investment, which was made through our seventh SPV, and are looking forward to collaborating on further investments in emerging companies that are changing markets and industries across the world.”
