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TIER secures $60 million in funding from Goldman Sachs

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European micromobility firm TIER has secured $60 million in asset backed-financing from US investment bank Goldman Sachs.

The operator was recently chosen as one of the three providers for the London e-scooter trials, which begin on 7 June, while it earned similar tenders in Paris and Dubai.

TIER state that the investment is the first of this scale within the micromobility space and will be used to help expand its fleet of e-scooters.

The capital will also aid the development of the TIER Energy Network, a series of battery charging stations that will be installed in retail stores across Europe and the Middle East.

Last month, TIER reached its 100 city milestone following its expansion into Krakow, Poland, with further plans to launch in Hungary, Slovakia and Ireland over the summer.

“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,” said TIER chief financial officer Alex Gayer.

“This facility leverages our recent equity raise and will enhance our capital-efficient growth.” 

“Even amid a global pandemic, TIER has established a proven track record of profitable unit economics and asset longevity,” added managing director at Goldman Sachs Ben Payne.

“We are excited to help the European leader extend sustainable mobility to more people across the world.”

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