Funding round
TIER Series C
TIER, which works in micro-mobility services in London, raised $250M in a Series C round announced on 10 Nov 2020, led by SoftBank Vision Fund and Softbank, at a $1.00B post-money valuation. 9 firms took part, 1 of them already investors. It is TIER's first venture round on record.
$250M
Amount raised
$1.00B
Post-money valuation
$750M pre-money
9
Investors
2 leads
25%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced TIER at $1.00B after the new money. The $250M bought investors about 25% of the company. It is TIER's first venture round on record, 2 years after it was founded in 2018. It is 56% of the $450M TIER has raised in the venture rounds on record. TIER raised again 11 months later: a Series D round of $200M in Oct 2021, at $2.00B post-money.
TIER's funding rounds
TIER has 2 venture rounds on record. This one is highlighted.
- Series C this round 10 Nov 2020, led by SoftBank Vision Fund and Softbank $250M$1.00B post-money
- Series D 25 Oct 2021, led by SoftBank Vision Fund and Mubadala Capital $200M$2.00B post-money
Investors
Who put money in
SoftBank Vision Fund and Softbank led the round with 7 other firms. Softbank had backed TIER before.
Lead investors
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- Softbank existing investor
Also in the round
- Mubadala Capital backs 61 venture-backed companies new investor
- backs 104 venture-backed companies new investor
- Goodwater Capital backs 162 venture-backed companies new investor
- backs 61 venture-backed companies new investor
- Novator new investor
- backs 99 venture-backed companies new investor
- Speedinvest backs 186 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Car Rental, then Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Car Rental | 26 Feb 2021 | $17M | not disclosed | Francisco Fernandez and Ringier Digital Ventures |
| Car Rental | 20 May 2021 | $60M | not disclosed | AVP |
| Dott Bicycle Rental Services | 10 Nov 2020 | $250M | $1.00B | SoftBank Vision Fund |
| Farm Equipment | 16 Nov 2020 | $182M | not disclosed | Baidu Ventures and SoftBank Vision Fund |
| Current Banks & ATMs | 24 Nov 2020 | $131M | $750M | Tiger Global |
| Satispay Payment Processing & Point of Sale | 20 Nov 2020 | $110M | not disclosed | Square and Tencent |
| Carbon Health Health Care Services | 10 Nov 2020 | $100M | not disclosed | Dragoneer Investment Group |
| Chainalysis Tech Companies | 23 Nov 2020 | $100M | $1.00B | Addition |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did TIER raise in its Series C round?
TIER raised $250M in its Series C round, announced in Nov 2020.
Who led TIER's Series C round?
SoftBank Vision Fund and Softbank led it, with Mubadala Capital, Northzone, Goodwater Capital, White Star Capital and Novator and 2 more.
What was TIER's valuation at the Series C round?
$1.00B post-money ($750M pre-money).
Did TIER raise again after this round?
Yes: a Series D round in Oct 2021 of $200M at $2.00B post-money.