German micro-mobility operator TIER nabs $60 million from Goldman to expand their e-scooter fleet
The Berlin-based micro-mobility startup TIER providing sustainable, climate-neutral and ride-sharing solutions to its customers, has raised $60 million asset-backed financing from Goldman Sachs. The funding couldn’t have come in a better period since Tier (along with Lime and Dott) has been awarded the London e-scooter pilot permit just some weeks ago. The company plans on using the capital to expand its fleet internationally by also adding bicycles and mopeds.
Ben Payne, Goldman Sachs Managing Director said that “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,”.
Founded in 2018 by Lawrence Leuschner, Matthias Laug and Julian Blessin, TIER is headquartered in Berlin and currently operates in more than 95 cities and across 12 countries in Europe and the Middle East. With a focus on providing the safest, most equitable and most sustainable mobility solution, TIER has been climate neutral since 2020. The new capital will make possible the invaluable expansion of TIER Energy Network. Battery charging stations are to be installed in retail stores across Europe and Middle East, powering electric vehicles earning the riders free credit as well as boosting the local shops’ economy.
The $60 million loan from Goldman which is secured by one of the company’s assets, is following the $250 million Series C which came in November 2020 led by SoftBank making the total amount raised by TIER $448 million. “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” said CFO of TIER Alex Gayer.
Source: TechCrunch.com “Tier banks $60 million in debt from Goldman Sachs to expand scooter fleet”