M&G has become the latest investor into TIER Mobility, Europe’s leader in micro-mobility through the 135,000 e-scooters, e-bikes and e-mopeds deployed across 150 cities in 16 countries.
Founded in 2018, the Berlin-based business enables cities to create more sustainable environments and move towards a zero-emission future by providing people with a range of electric vehicles. It is currently participating in Transport for London’s e-scooter pilots across a number of London boroughs.
M&G has made a $200 million investment through a series D funding round alongside existing shareholders.
The new capital will be used to roll out Tier’s network and will see thousands of battery charging stations installed in businesses in European cities, to offer efficient and sustainable power for electric vehicles. Users will be able to swap depleted vehicle batteries for charged ones at a network of charging stations hosted by local businesses and will be rewarded with a free trip each time.