TIER has secured $60m of asset-backed financing from Goldman Sachs. The debt facility is the first of such scale in micro-mobility and will fuel TIER’s e-scooter fleet expansion for 2021.
The new financing follows TIER’s recent $250m Series C funding round led by SoftBank Vision Fund 2. The new capital will also help drive the expansion of the TIER Energy Network. Battery charging stations are set to installed in retail stores across Europe and the Middle East to power electric vehicles in a way that drives operational efficiency.
TIER was recently chosen as one of London’s e-scooter operators for a trial which will commence in the capital in early June, 2021.
Alex Gayer, Chief Financial Officer at TIER, says: “The size of this highly scalable asset-backed debt facility is a game-changing first in micro-mobility, accelerating our expansion and cementing our market leadership in Europe. This facility leverages our recent equity raise and will enhance our capital-efficient growth.”
Ben Payne, Managing Director at Goldman Sachs, comments: “Even amid a global pandemic, TIER has established a proven track record of profitable unit economics and asset longevity. We are excited to help the European leader extend sustainable mobility to more people across the world.”
TIER is Europe’s largest e-scooter operator, serving over 100 cities across 12 countries.