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Tier and Dott aim to boost out of financial crunch and transport transition with merger
The e-scooter and e-bike sharing pioneer Tier Mobility, which also owns Nextbike, has announced a merger with its competitor Dott. This was first reported by Manager Magazin and the industry service Pedelecs&E-Bikes. According to reports, Tier Mobility founder Lawrence Leuschner is expected to step down as CEO and move to the supervisory board as "non-executive Chairman." The merged company will be led by Henri Moissinac, the CEO of Dott, as reports now confirm.
High losses, demanding operation
The potential merger between the once two-billion-dollar-valued unicorn Tier Mobility and the smaller startup Dott could lead to further layoffs at Tier. Since November 2023, around 400 positions have already been cut at the e-scooter startup. Last year, Tier and Dott collectively recorded a loss of 55 million euros. The current devaluation of the merged company is significant. Shareholders are considering investing about 50 to 70 million euros in the new joint venture. However, the merger of Tier and Dott is only valued by investors at 150 million euros, indicating a substantial devaluation.
Tier Mobility, founded in 2018 by Lawrence Leuschner, Julian Blessin (co-founder of Coup), and Matthias Laug (co-founder and technical director of Lieferando), initially experienced tremendous growth. However, the Covid-19 lockdowns led to early setbacks, which the mobility startup initially seemed to overcome, before facing renewed difficulties recently, as the industry service reports.
Official confirmation: Brands to be retained
According to the company's official statement, the agreed merger aims to create the "leading provider of shared micromobility in Europe." The plan is to continue operating under the TIER and Dott brands and to combine their expertise. The transaction is subject to several conditions and will only become effective upon their fulfillment and finalization, which is expected within two months of this announcement.
Investor Mix in the Background
Behind the transaction is a mix of existing investors from TIER and Dott, led by Mubadala Capital and Sofina, as well as Estari, M&G, Prosus Ventures, Novator, and White Star Capital, who are investing 60 million euros to support the long-term vision of the new joint venture. The companies together generate a revenue of 250 million euros and enable more than 125 million rides per year in over 20 countries. With offices in major cities around the world, including Berlin, Brussels, Dubai, Helsinki, London, Madrid, Paris, Rome, Tel Aviv, and Warsaw, the company is well-positioned to be profitable and support the transportation transition, according to those responsible.
Headquarters in Berlin - Aiming to Replace Cars in Cities
The company, headquartered in Berlin, also confirmed its leadership team: Lawrence Leuschner will act as Chairman of the Supervisory Board, Henri Moissinac as Chief Executive Officer, Maxim Romain as Chief Operating Officer, and Alex Gayer as Chief Financial Officer. The aim is to offer more sustainable mobility solutions to reduce traffic density and pollution in urban areas.
Additionally, it aims to reduce private car traffic in cities by offering a reliable and efficient service that is well integrated into public transport. The new joint venture intends to combine the market-leading expertise of both operational models and incorporate the technology of both services. Users will continue to access TIER and Dott vehicles through their respective apps, with further convergence possible in the future, it says.
"I am very excited about the collaboration with Dott, which further strengthens our position as the European champion for micromobility and ushers in the next phase in the development of the industry. We share a common vision of cities with more sustainable mobility solutions and fewer cars, and we are committed to helping users and cities achieve this," explained Lawrence Leuschner, Co-Founder and CEO of TIER Mobility.
Henri Moissinac, Co-Founder and CEO of Dott, expressed optimism about the future of shared micromobility. Cities are adapting to reduce reliance on cars and are encouraging people to opt for sustainable modes of transportation. They have built a service that is loved by users and operated responsibly.
Translated automatically from German."By bringing together TIER and Dott, we are well-positioned to reach the next phase of growth and further accelerate our path to profitability. We are creating the European champion that offers our users the best experience, carefully integrated into the cities in which we operate."
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