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Micromobility firms Tier and Dott merge
- January 22, 2024
- Steve Rogerson
European micromobility companies Tier and Dott plan to merge within the next two months.
They have signed a preliminary agreement to bring the two companies together to form Europe’s largest micromobility operator. The joint entity will continue to operate under the Tier and Dott brands to provide riders and cities with a safe and reliable service.
The transaction is subject to several conditions, and will be only effective upon their fulfilment and closing, expected within two months.
Together, the companies generate combined revenues of €250m, supporting over 125 million trips a year in more than 20 countries. With operations in major global cities including Berlin, Brussels, Dubai, Helsinki, London, Madrid, Paris, Rome, Tel Aviv and Warsaw, the combined business aims to position itself to be profitable and support the transition to more sustainable transport.
The deal will be backed by a mix of existing shareholders from both Tier and Dott, led by Mubadala Capital and Sofina, and including Estari, M&G, Prosus Ventures, Novator and White Star Capital, which are investing €60m in equity to support the long-term vision of the joint business.
For users, the aim is to provide a reliable service, for cities, sustainable transport with respectful integration into the public space, and for the environment, a more environmentally-friendly service, with low emissions and a responsible lifecycle approach.
The combined company wants to provide more sustainable transport options, to reduce congestion and pollution in urban areas. Its mission is to lower car use by offering users a reliable and efficient service, integrated with public transport and with little environmental impact. The entity will combine the expertise from both operating models and incorporate the technology from each service.
The Berlin headquartered company will benefit from the experience of the founders and leadership from Tier and Dott: Lawrence Leuschner as chairman, Henri Moissinac as CEO, Maxim Romain as chief operating officer, and Alex Gayer as chief financial officer.
“I am delighted to join forces with Dott, further strengthening our position as the European micromobility champion and marking the next phase in the development of the industry,” said Leuschner, who was co-founder of Tier (www.tier.app). “We are united by a shared vision of cities with more sustainable transport options and fewer cars, and we are committed to helping users and cities make this a reality. With an expanded footprint and combined expertise, I look forward to providing a record number of rides in 2024.”
Moissinac, co-founder of Dutch-French company Dott (ridedott.com), added: “We are very optimistic about the future of shared micromobility. Cities are adapting to reduce car dependency, and encouraging people to make sustainable transport choices. We have built a service that users love, operated in a responsible way. By bringing Tier and Dott together, we are well positioned to capture the next phase of growth and further accelerate our path to profitability. We are creating the European champion that will provide the best experience to our users, carefully integrated into the cities we operate in.”
Riders will continue to access Tier and Dott vehicles through their respective apps, with more convergence possible in the future.