Berlin, Germany-based Tier and Amsterdam, The Netherlands-based Dott announced a preliminary agreement to bring the two companies together to form a joint micro-mobility operator.
The joint entity will continue to operate under the TIER and Dott brands, combining expertise to provide riders and cities with a safe and reliable service as the champion shared mobility provider in Europe.
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 new joint business. The transaction is subject to several conditions, and will be only effective upon their fulfilment 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 be positioned to be profitable and support the transition to more sustainable transport.
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 Chief Executive Officer, Maxim Romain as Chief Operating Officer, and Alex Gayer as Chief Financial Officer.
The new combined company will be dedicated to providing 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, well integrated with public transport and with minimal environmental impact. The new entity will combine the market-leading expertise from both operating models and incorporate the advanced technology from each service.
Riders will continue to access TIER and Dott vehicles through their respective apps, with more convergence possible in the future.
FinSMEs
11/01/2024