Tier acquires Ford-owned electric bike and scooter operator, Spin
Tier, the largest micromobility operator in the UK, has announcing its acquisition of Ford-owned shared electric bike and scooter operator, Spin, marking the company’s entry into the US and Canada.
The Berlin-based business, part of the UK government’s e-scooter trials, with locations in London and York, had acquired Europe’s largest bike-sharing platform, nextbike, in November of 2021, and rapidly followed up with the acquisition of the Italian market leader Vento Mobility, the Italian subsidiary of Wind Mobility, in December of 2021.
With the purchase of Spin comes the addition of 106 communities in North America, along with 50,000 vehicles. Collectively Tier now has a global footprint covering more than 520 cities and communities in 21 countries, with a fleet of 300,000 vehicles.
Lawrence Leuschner, CEO and co-founder of TIER Mobility, said: “Tier’s acquisition of Spin and our entry into the North American market are huge milestones in our mission to Change Mobility for Good.”
“We are excited to support citizens in cities and communities across North America to make the switch from cars to more sustainable urban mobility solutions – a switch that is urgently needed to decarbonize towns and cities across the world.”
Ben Bear, CEO of Spin, said: “Tier and Spin share the same foundational view of how to deliver world-class micromobility services to cities and riders. Both companies believe in a partnership-first approach, operating with employees rather than contractors, and helping get people out of cars by offering sustainable, equitable, and safe micromobility services.”
Equipping the Spin fleet with 100% swappable batteries will be a priority focus, helping achieve environmental sustainability and efficiency in the North American micromobility marketplace.
In October 2021, Tier announced the first close of its $200 million Series D funding round, solidifying its position as the best-funded micromobility company in Europe. To date, Tier has raised a total of $660 million in equity and debt.
Looking at the wider micromobility sector, Volkswagen AG employed mobility expert Augustin Friedel reported that more than $725m has been invested in micromobility businesses in just over 2 month of 2022. To explore in detail how an Investment bank’s Micromobility Team see the sector, click here.
