German electric scooter operator TIER has secured $60m of asset-backed financing from Goldman Sachs. TIER claims to be Europe’s largest e-scooter operator, serving over 100 cities across 12 countries and the debt facility will support TIER’s international expansion through 2021. TIER, for instance, was recently chosen as one of London’s three e-scooter operators, with trials starting this month.
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, which includes installation of battery charging stations at retail stores across Europe and the Middle East.
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.”