Today TIER, a European micro-mobility leader, has secured around €49 million of asset-backed financing from Goldman Sachs, which will fuel TIER’s e-scooter fleet expansion for 2021. Last year we ran a battle of the e-scooter startups, where TIER was listed as one of the top European scaleups, and it seems the team is not slowing down any time soon.
Founded in 2018, TIER Mobility is one of Europe’s leading shared micro-mobility providers, 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 by Lawrence Leuschner, Matthias Laug and Julian Blessin, TIER currently operates in 100+ cities across 12 countries in Europe and the Middle East. What’s more, with a focus on providing the safest, most equitable and most sustainable mobility solution, TIER has been climate neutral since 2020.
The recent funding 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 approx. €211.2 million Series C funding round led by SoftBank Vision Fund 2. 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 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”.