TIER has announced that it has secured $60 million of asset-backed financing from Goldman Sachs which will fuel the group’s e-scooter expansion for 2021.
The announcement comes following TIER’s recent $250m Series C funding round led by SoftBank Vision Fund 2 as well as the group winning the London e-scooter tender, after having a similar success in the Paris and Dubai bids.
The financial backing by Goldman Sachs will help to extend TIER’s international profile across strategic growth markets and help the group to invest in fleets of electric scooters, mopeds and bicycles. It will also help to drive the expansion of TIER’s Energy Network, which will allow battery charging stations to be installed in retail stores across Europe and the Middle East to power electric vehicles.
Ben Payne, Managing Director at Goldman Sachs, said: “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.”
Alex Gayer, Chief Financial Officer at TIER, added: “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.”