TIER, the European micro-mobility leader, raises $60 million in Asset-Backed Financing from Goldman Sachs
As well as helping to extend TIER's international coverage across strategic growth markets and enabling investment in a multi-modal fleet of electric scooters, bicycles and mopeds, the new capital will drive expansion of the TIER Energy Network. With this unique innovation, 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.
Ben Payne, Managing Director at Goldman Sachs, commented: "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."
About TIER Mobility TIER Mobility is Europe's leading shared micro-mobility provider, with a mission to Change Mobility for Good. By providing people with a range of shared, light electric vehicles, from e-scooters to e-bikes and e-mopeds, powered by a proprietary Energy Network, TIER helps cities reduce their dependence on cars. Founded in 2018 by Lawrence Leuschner, Matthias Laug and Julian Blessin, TIER is headquartered in Berlin and currently operates in 100+ cities 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.
TIER's investors include SoftBank Vision Fund 2, Mubadala Capital, Northzone, Goodwater Capital and White Star Capital. For more information, visit www.tier.app.
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