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E-scooter firm TIER buys Nextbike in bid to expand offerings -Breaking

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© Reuters. FILEPHOTO: Tier Mobility’s E-scooters are parked in Cologne (Germany) on July 23, 2019. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters), BERLIN – Berlin’s e-scooter operator TIER Mobility purchased bike-sharing company Nextbike, creating Europe’s biggest provider of lightweight shared vehicles. The companies announced Monday.

This deal will combine rentable bikes, ebikes, scooters, cargo bikes, and escooters into one network. It could be the first major acquisition during a period of consolidation. Smaller players are likely to get snapped up in the coming 12 months.

Lime (U.S. Urban Mobility Firm) raised $523 Million from investors in order to expand production. Bolt, an Estonian startup, also launched escooter services for nine German cities.

According to the companies, Nextbike and TIER will be able to offer services in more than 400 cities, with 250k vehicles, by using Nextbike’s existing infrastructure combined with TIER financial power. This was aided by an investment round of $200m that increased TIER’s value to $2B.

Lawrence Leuschner (TIER Chief Executive) stated that Nextbike’s unrivalled experience in bikesharing and its relationships with hundreds of cities was a rare opportunity to bring bicycleshare to the next level.

TIER, Nextbike and others declined financial information.

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