European micromobility operators Tier and Dott have announced a preliminary agreement to bring the two companies together.
The joint entity will continue to operate under the Tier and Dott brands, with the transaction subject to several conditions that are expected to be met within two months of today’s announcement.
The new combined company aims to provide more sustainable transport options, to reduce congestion and pollution in urban areas, lowering car use by offering a service that is well integrated with public transport and with minimal environmental impact.
The deal is backed by 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 new joint business.
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Lawrence Leuschner, co-founder and CEO, Tier, said: “I am delighted to join forces with Dott, further strengthening our position as the European micromobility 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.”
Together, the companies generate combined revenues of €250m, supporting more than 125 million trips a year in more than 20 countries, including Berlin, Brussels, Dubai, Helsinki, London, Madrid, Paris, Rome, Tel Aviv and Warsaw.
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.
“By bringing Tier and Dott together, we are well positioned to capture the next phase of growth and further accelerate our path to profitability.”
Riders will continue to access Tier and Dott vehicles through their respective apps, with more convergence possible in the future.
Achievements and innovations in shared mobility will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at the De Vere Grand Connaught Rooms in London. Nominations officially open in March 2024. Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector.