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TIER Mobility raises £42.5M funding from Goldman Sachs to fuel fleet expansion ahead of London launch

TIER Mobility
Image credits: TIER Mobility

It was only in November last year, when TIER Mobility bagged the largest funding round ever for a European e-scooter brand which was $250 million (£188.5 million approx.) Series C funding round led by SoftBank Vision Fund 2.

Now the micro-mobility brand is in the news again. Just days ahead of London’s e-scooter rental launch, TIER Mobility has secured $60 million (nearly £42.5 million) of asset-backed funding from Goldman Sachs.

The debt facility from the leading investment banking, securities and investment management firm is the first of such scale in micro-mobility and will fuel TIER’s e-scooter fleet expansion for 2021. It also follows news that TIER has won the hugely competitive London e-scooter tender, after enjoying similar success in the highly-prized Paris and Dubai bids.

As well as helping to extend 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.”

Carbon-neutral micro-mobility service!

Founded in 2018 by Lawrence Leuschner, Matthias Laug. and Julian Blessin, TIER Mobility, headquartered in Berlin, operates in 80+ cities in 10 countries.

As part of its commitment to sustainability, the company has adopted the United Nations’ Sustainable Development Goals (SDGs) as a guiding framework and has set a clear agenda for reducing and offsetting emissions. As a result of these measures, TIER Mobility has been a climate-neutral company since January 2020.