Berlin/Amsterdam, January 10, 2024 – TIER and Dott have announced a preliminary agreement to bring the two companies together to form Europe’s leading micro-mobility operator. The joint entity will continue to operate under the TIER and Dott brands. It will combine expertise to provide riders and cities with a safe and reliable service as the champion shared mobility provider in Europe.
The transaction is subject to several conditions. It will be only effective upon their fulfillment and closing, expected within 2 months of this announcement.
Together, the companies generate combined revenues of €250M, supporting over 125M 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 business will position itself well to achieve profitability and support the transition to more sustainable transport.
A mix of existing shareholders from both TIER and Dott, led by Mubadala Capital and Sofina, will back the deal. The backers include Estari, M&G, Prosus Ventures, Novator, and White Star Capital, who are investing €60 million in equity. Their investment aims to support the long-term vision of the new joint business.
The Berlin headquartered company will benefit from the experience of the founders and leadership from TIER and Dott. Moreover, Lawrence Leuschner serves as Chairman, Henri Moissinac as Chief Executive Officer, Maxim Romain as Chief Operating Officer, and Alex Gayer as Chief Financial Officer.
The new team is united in its goal to run responsible operations in every city:
- For users: providing a reliable service that citizens love for their everyday life
- For cities: supporting city goals for sustainable transport, with respectful integration into the public space
- For the environment: offering a more environmentally-friendly service, with low emissions and a responsible lifecycle approach
The new combined company aims to offer more sustainable transport options. This also aims to reduce congestion and pollution in urban areas. Its mission is to lower car use by offering users a reliable and efficient service. Moreover, the service integrates well with public transport and minimizes environmental impact. The new entity will combine the market-leading expertise from both operating models and incorporate the advanced technology from each service.
Lawrence Leuschner, Co-Founder and CEO, TIER, said: “I am delighted to join forces with Dott, further strengthening our position as the European micro-mobility champion and marking the next phase in the development of the industry. We share a vision of cities having more sustainable transport options and fewer cars, uniting us. Moreover, we are committed to helping users and cities make this vision a reality. With an expanded footprint and combined expertise, I look forward to providing a record number of rides in 2024.”
Henri Moissinac, Co-Founder and CEO, Dott, said: “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 also have built a service that users love, operated in a responsible way. Bringing TIER and Dott together positions us well 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.
