Berlin-based micromobility operator Tier has secured US$60m (£42.4m) of asset-backed financing from Goldman Sachs to fuel its e-scooter fleet expansion.
This latest investment follows a recent US$250m (£176.8m) Series C funding round led by SoftBank Vision Fund 2. It also comes after the news that Tier has won one of three tenders for the London e-scooter trials, after enjoying similar success in the Paris and Dubai bids.
As well as helping to extend Tier’s international coverage and enabling investment in a multi-modal fleet of e-scooter, bicycles and mopeds, the new capital will drive expansion of Tier’s Energy Network.
According to the operator, its battery charging stations will be installed in retail stores across Europe and the Middle East to power electric vehicles in a way that drives operational efficiency whilst giving the high street a financial boost and enabling users to enjoy free trips.
Alex Gayer, chief financial officer at Tier, said: “The size of this highly scalable asset-backed debt facility is a game-changing first in micromobility, accelerating our expansion and cementing our market leadership in Europe. This facility leverages our recent equity raise and will enhance our capital-efficient growth.”
