TIER & Dott have announced they will merge to form Europe’s largest micro-mobility operator.
The new joint entity, which will continue to operate under the two company’s separate brands, will provide both cities and riders with micro-mobility rental services across the continent.
Subject to several conditions, the transaction, which is expected to be finalised within the next two months, is being backed by several existing shareholders including Estari, M&G, Prosus Ventures, Novator and White Star Capital, who are investing a total of 60 million EUR in equity to support the merger.
To date, the two companies have generated a combined revenue of roughly 250 million EUR, providing mobility solutions for over 125 million trips a year in over 20 countries.
The company will henceforth be led by existing founders and leaders from TIER and Dott: Lawrence Leuschner as Chariman, Henri Moissinac as Chief Executive Officer, Maxim Romain as Chief Operating Officer, and Alex Gayer as Chief Financial Officer.
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 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.
Moving forward, customers will still be able to access both TIER and Dott services through their own respective apps, with the possibility of a combined service coming in the future.
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 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.
