The company operates in 24 countries and has now deployed 270,000 vehicles in more than 460 cities.It was said in February to be planning to raise as much as €1bn in new funding, with at least part of the new capital injection intended to be in the form of a convertible loan note.
The company is backed by investors including the giant SoftBank Vision Fund 2, Northzone, one of Europe's leading venture capital funds, and Mubadala Capital, the Abu Dhabi sovereign wealth fund. Tier has told potential investors that it expects to be profitable this year, a rare milestone in an industry whose economic challenges have come under increasingly intense scrutiny.Its last funding round, in October 2021, took place at a $2bn valuation and took the aggregate sum raised since its launch to $647m.
The e-scooter industry has faced increasingly tough conditions as it has grown, with the pandemic having a significant effect on urban footfall in the cities in which it operates. Companies have also faced a backlash from public authorities in cities such as Paris, with concerns about pedestrian safety and the problems of vehicles left strewn across streets undermining their investment case.