The ranks of the once flourishing e-scooter market are thinning out. Now, according to a report, the former unicorn Tier will also merge with the e-scooter company Dott.
Tier founder and managing director Lawrence Leuschner Tier Mobility
The e-scooter startup Tier is about to merge with its competitor Dott, according to investor circles Manager Magazine is called. Lawrence Leuschner, founder of Tier Mobility, will therefore give up his position as CEO and move to the supervisory board as “non-executive chairman”. Dott boss Henri Moissinac will take over his position. The contract is about to be signed.
The merger of the unicorn, which was once valued at two billion US dollars, with the smaller startup Dott could follow the renewed employee layoffs at Tier. Around 400 jobs have been cut at the e-scooter startup since November 2023. Last year, Tier and Dott jointly recorded a loss of 55 million euros.
Devastating loss of value
Shareholders are already planning a financial pump of around 50 to 70 million euros for the new joint venture, as the report states. The merger between Tier and Dott is valued by investors at only 150 million euros – a huge loss in value.
The startup Tier Mobility, founded in 2018 by former Rebuy managing director Lawrence Leuschner, Julian Blessin (co-founder of Coup) and Matthias Laug (co-founder and technical director of Lieferando), was initially on a steep growth path. The Corona lockdowns brought the first massive setbacks, but Tier initially seemed to overcome them well before the mobility startup continued to lurch.
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