TIER raises USD60m in asset-backed financing from Goldman Sachs
European micro-mobility firm TIER recently secured USD60m (Dhs220m) of asset-backed financing 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. This debt facility comes as part of TIER’s ongoing plans to broaden its footprint across Europe and the Middle East.
In what is a proven model in the automotive sector, climate-neutral TIER has now unlocked significant asset-backed financing in micro-mobility.
The innovative move by Goldman Sachs signals another major vote of confidence in a business that has performed strongly despite the Covid-19 crisis, following TIER’s recent USD250m (Dhs918m) Series-C funding round led by SoftBank Vision Fund 2.
It also follows TIER’s several high-profile bids since last year across the Middle East to successfully operate in high-ranking cities such as Dubai, London, Paris and recently Doha.
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 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.”